How to Prepare Your Estate Plan Before Your First Child Arrives
Welcoming your first child is one of the most exciting milestones in life. It’s also a time when many parents start thinking more seriously about the future. Between setting up a nursery, stocking diapers, and learning how to swaddle, estate planning may not be the first thing on your mind. But preparing now ensures that your child will be cared for no matter what life brings.
This guide explains why estate planning is so important for new parents and the steps you should take before your baby arrives.
Article Summary
- Why Estate Planning Is Critical for New Parents
- Step 1: Create a Will
- Step 2: Name a Guardian for Your Child
- Step 3: Consider a Trust
- Step 4: Set Up Powers of Attorney
- Step 5: Write a Living Will or Advance Directive
- Step 6: Review Beneficiary Designations
- Step 7: Keep Your Plan Updated as Your Family Grows
- Preparing for Your First Child with Margerie Law
1. Why Estate Planning Is Critical for New Parents
Your child depends on you for everything—from food and shelter to love and guidance. An estate plan makes sure they’ll continue to be cared for if something happens to you. Without one, the court decides who raises your child and how your property is divided.
Many young couples believe they don’t need a plan yet, but waiting can be risky. See what new parents need to know about estate planning for a deeper look at why it’s so important to start early.
2. Step 1: Create a Will
A will is the foundation of your estate plan. It directs where your property goes, names someone to manage your estate, and can simplify the probate process.
For parents, the most important part of a will is naming a guardian for your child. Without this, the court makes the decision, which may not match your wishes. A well-drafted will protects both your child and your property.
3. Step 2: Name a Guardian for Your Child
Choosing a guardian is one of the biggest decisions new parents make. This person will raise your child if something happens to you.
Think carefully about who shares your values, parenting style, and ability to provide stability. Naming a guardian avoids family disputes and gives your child a clear future. For guidance, see how to choose a legal guardian for your minor children.
4. Step 3: Consider a Trust
A trust gives you more control over how your child receives an inheritance. Instead of a lump sum at age 18, you can decide when and how money is used—for education, healthcare, or living expenses.
Trusts also help avoid probate, protect assets, and provide financial security for your child. Many parents find trusts especially helpful if they own a business, multiple properties, or significant savings. Learn more in choosing the right type of trust for your family.
5. Step 4: Set Up Powers of Attorney
A power of attorney allows someone you trust to handle your finances if you become unable to. This ensures bills are paid and accounts are managed without delay.
In addition, a health care power of attorney names a person to make medical decisions on your behalf. This prevents confusion and ensures your wishes are respected. These documents are vital for parents who want their family protected during emergencies. To avoid mistakes, see the top misconceptions about durable power of attorney.
6. Step 5: Write a Living Will or Advance Directive
A living will, also called an advance directive, outlines your healthcare preferences if you cannot speak for yourself. It can cover life support, pain management, or organ donation.
For new parents, this is not just about personal care—it also spares your loved ones from making painful medical choices during a crisis. Writing down your wishes removes uncertainty and gives your family clarity.
7. Step 6: Review Beneficiary Designations
Certain assets, like retirement accounts and life insurance, pass directly to beneficiaries listed on forms. These designations override what’s in your will, so keeping them updated is essential.
For example, if you forget to update a life insurance policy after marriage, your spouse or child may not be protected. Reviewing these designations ensures your plan works as intended.
8. Step 7: Keep Your Plan Updated as Your Family Grows
Estate planning is not a one-time task. As your family grows—adding more children, buying a home, or changing jobs—your plan should grow with it.
Updating documents regularly keeps your plan current with Wisconsin law and your changing circumstances. Many families put it off, but staying up to date prevents costly mistakes. For more on avoiding pitfalls, see common misconceptions about estate planning.
9. Preparing for Your First Child with Margerie Law
Bringing a new baby home is a joyful and busy time. But between doctor visits and sleepless nights, it’s easy to overlook estate planning. Taking steps now ensures your child will always be safe, secure, and cared for—no matter what the future holds.
At Margerie Law, we help parents in Milwaukee and surzrounding communities create estate plans that protect their families and provide peace of mind. If you’re preparing for your first child, contact us today to build a plan that safeguards your child’s future with a trusted Milwaukee estate planning attorney. Margerie Law is here to help.
By Paul Margerie, Owner of Margerie Law
Paul Margerie of Margerie Law is a knowledgeable and experienced estate planning attorney based in Wauwatosa, WI. With years of experience helping families and individuals with their estate plans, he offers a gentle touch that puts his clients at ease. He understands the sensitive nature of this work and ensures that all details are taken care of with precision and accuracy. He strives to help each client achieve peace of mind that their future is protected by providing personalized advice and creating tailor-made solutions that fit their individual needs.
