Estate Planning for New Parents: The Essential Checklist After Having a Baby

You just had a baby. Your world has been turned upside down in the best possible way. Between midnight feedings, diaper changes and trying to remember the last time you showered, estate planning probably isn't at the top of your mind.

But here's the truth: there's never been a more important time to get your affairs in order.

Before your baby arrived, the stakes of not having an estate plan were relatively low. Now, everything has changed. A tiny human depends entirely on you for their safety and security. And while nothing is likely to happen to you, preparing for the unexpected is one of the most loving things you can do as a new parent.

The good news? Estate planning for new parents doesn't have to be complicated. This checklist breaks down exactly what you need to do – and most of it can be completed in a single afternoon.

Why This Matters Now

Let's address the uncomfortable reality: if both parents pass away without an estate plan, a court decides who raises your children. Not your family. Not your friends. A judge who has never met you, your baby or anyone in your life.

This isn't about being morbid. It's about taking control. Every decision you make as a parent – from choosing a pediatrician to selecting a daycare – is about doing what's best for your child. Estate planning is simply another one of those decisions.

And unlike choosing a car seat or a stroller, this one could be the most consequential choice you ever make.

The New Parent Estate Planning Checklist

1. Create a Will

A will is the foundation of your estate plan. For new parents, it accomplishes two critical things:

• Names a guardian for your child. This is the person who would raise your baby if something happened to both parents. Without a will, a court makes this decision. With a will, you make it.
• Directs how your assets are distributed. You specify who inherits your property, savings and possessions, and how those assets should be used for your child's benefit.

Creating a will doesn't require an attorney or thousands of dollars. Modern tools like Herbie make it possible to create a legally valid will in less time than a typical pediatrician visit.

Herbie offers a free will that covers the basics. The platform was designed specifically for families like yours: people who want high-quality estate planning without the high price tag. Built by lawyers from the country's best law firms, Herbie walks you through every question in plain language. Or upgrade to Herbie One to get all the benefits of Herbie on an ongoing basis, including lasting support.

2. Choose Your Guardian

This is a decision most new parents struggle with. Who would you trust to raise your child if you couldn't?

Consider these factors:

• Shared values: Do they approach parenting similarly to you?
• Stability: Are their relationships, finances and living situation stable?
• Willingness: Have you actually asked them? (Don't assume...)
• Age and health: Can they realistically raise a child to adulthood?
• Location: Would your child need to relocate? How disruptive would that be?
• Existing relationship: Does your baby already know and trust this person?

Don't get paralyzed by the search for a perfect guardian. Perfect doesn't exist. Choose the best available option and name a backup in case your first choice can't serve.

And here's an important tip: the guardian who raises your child doesn't have to manage their money. You can name a separate trustee under a Revocable Trust with a Herbie One subscription if the best caregiver isn't the best financial manager.

3. Update Your Beneficiaries

Here's something many new parents don't realize: beneficiary designations on your accounts override your will.

That means if your retirement account still lists your college roommate as beneficiary (because you set it up years ago and forgot), your college roommate gets the money, not your spouse, not your child.

Review and update beneficiaries on:

• Retirement accounts (401k, IRA)
• Life insurance policies
• Bank accounts with payable-on-death designations
• Investment accounts
• Health savings accounts (HSAs)

For most families, the simple approach is naming your spouse as primary beneficiary and either your children or your trust as contingent beneficiary.

A word of caution: if you pass away before your children turn 18, a court would need to appoint someone to manage the money on their behalf, adding complexity and expense. Instead, consider setting up a trust that can hold assets for your child's benefit.

4. Review Your Life Insurance

If you didn't have life insurance before your baby arrived, you should get it now. 

Life insurance for parents serves one primary purpose: replacing your income if you pass away. A common recommendation is coverage of 10-12 times your annual salary, but your actual needs depend on:

• Your debts (mortgage, student loans, etc.)
• Your spouse's income and earning potential
• Childcare costs if your spouse would need to work more
• Future expenses like college

Term life insurance (which covers you for a set period, like 20 or 30 years) is the most affordable option for young families, but there are other options too, like whole life plans and more.

Don't forget both parents should have coverage, even if one stays home. The cost of replacing a stay-at-home parent's contributions (childcare, household management, etc.) is substantial.

5. Sign Powers of Attorney and Healthcare Directives

Powers of attorney aren't about death, they're about incapacity. If you become seriously ill or injured and can't make decisions for yourself, who steps in?

You need two types:

• Financial power of attorney: Names someone to manage your money, pay your bills and handle financial matters if you can't.
• Healthcare power of attorney (healthcare proxy): Names someone to make medical decisions on your behalf if you're unable to communicate your wishes.

For most married parents, spouses serve as each other's agents. But you should also name backups in case your spouse is also incapacitated (say, you're both in the same car accident).

These documents can be created alongside your will through comprehensive estate planning platforms like a Herbie One subscription, which includes all essential estate planning documents in one subscription.

6. Create a Living Will (Advance Directive)

A living will (not to be confused with a regular will) documents your wishes for end-of-life medical care. If you're in a persistent vegetative state or have a terminal illness, what treatments would you want? What would you refuse?

This document gives your healthcare agent guidance and removes the burden of making these impossible decisions without knowing your wishes.

7. Organize Your Important Documents

An estate plan is useless if no one can find it! Herbie is a system for organizing:

• Your will and any trust documents
• Powers of attorney
• Life insurance policies
• Account information (banks, investments, retirement)
• Property deeds and vehicle titles
• Birth certificates and Social Security cards
• Information for digital accounts

Store physical documents in a fireproof safe or somewhere safe in your home. Consider using a digital vault for secure storage of electronic copies. Let your executor and healthcare agent know where everything is located.

Herbie automatically stores your estate planning drafts in a secure dashboard where you can access them anytime. Then, you can upload your signed documents. You can also grant view-only access to trusted family members and advisors, ensuring the right people can find what they need when it matters.

8. Consider a Trust

A revocable living trust isn't essential for every new family, but it's worth understanding when one makes sense:

• You want to avoid probate (the court process for distributing assets after death)
• You want to control how and when your children inherit (e.g., distributions at age 25, 30, and 35 instead of a lump sum at 18)
• You own real estate in multiple states
• You want to protect assets from a beneficiary's future creditors or divorce

If your situation is relatively straightforward (modest assets, no property outside your home state, simple family structure, no children) a will may be all you need for now. You can always add a trust later as your finances grow.

Herbie makes this easy: start with a free will, then upgrade to Herbie One when you're ready for a comprehensive estate plan that includes a revocable trust.

The Time Factor

New parents are exhausted. Finding time to eat feels like an accomplishment, let alone tackling legal documents.

Here's the reality: you can complete the most important parts of this checklist faster than you think.

Creating a basic will with Herbie takes less than 20 minutes. Reviewing your beneficiary designations might take an hour, including logging into various accounts. Having the guardian conversation can happen over dinner.

You don't need to do everything in one day. But you should do something today. Even completing just the first two items on this checklist – creating a will and naming a guardian – puts you ahead of most parents.

What Happens If You Wait

We get it. Life is busy. The baby is healthy. You're young. It feels like you have plenty of time.

Without an estate plan:

• A court chooses who raises your child
• Your assets might not all go to your spouse (state law varies)
• Probate takes longer and costs more
• Your family makes impossible decisions without guidance from you
• Conflict is more likely among surviving family members

The cost of waiting isn't measured in dollars. It's measured in the uncertainty and pain your family would face during an already devastating time.

Take Action Today

You've taken so many steps to protect your baby: baby-proofing your home, researching car seats, choosing a pediatrician. This is one more step in that same journey.

Here's your immediate action plan:

Today: Start your will with Herbie. It's free, it takes minutes, and it's the single most important thing you can do.

This week: Have the guardian conversation with your chosen person. Update beneficiaries on your accounts.

This month: Review your life insurance coverage. Consider whether you need additional policies.

This quarter: Complete your powers of attorney and living will. Organize your important documents.

Your baby doesn't know anything about estate planning. But someday, they might know that their parents loved them enough to prepare for anything – and that knowledge will mean everything.

Get started today for free with Herbie →

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