Becoming a parent is a life-changing experience filled with joy, responsibility, and late nights. It is also incredibly stressful - you are now responsible for another living being - what happens to your newborn if something happens to you??? Having a few legal documents in place eases some of that fear and provides a plan for your new bundle of joy in the event of an unexpected occurrence.
Why Estate Planning Is Essential for Parents?
If you’re a new parent, estate planning might sound overwhelming or unnecessary, especially if you’re young and healthy. But here’s the truth: estate planning isn’t just for the wealthy or the elderly. It’s for anyone who wants to ensure their family is taken care of in the event of an unexpected occurrence.
Without a proper estate plan in place, the State of Ohio—not you—decides who cares for your children and how your assets are distributed. By taking the time to create a plan now, you can ensure your child is raised by the people you trust, who share your parenting philosophy, and will honor wishes.
Key Estate Planning Documents for New Parents
1. A Will (Last Will and Testament)
This is the single most important document for new parents. Why? Because a will is the only place where you can legally name a guardian for your minor children in the event both parents pass away. While our office will work to ensure your assets transfer to your beneficiaries outside of the will and probate, there is no other way to nominate the legal guardian(s) for your children.
Without a will, the decision about who raises your child is left to the probate court—and that may not reflect your wishes.
In your will, you can also:
- Name someone to manage your child’s inheritance (called a “guardian of the estate” or “trustee”)
- Specify how and when your child receives their inheritance
- Choose an executor to carry out your wishes
It can be nerve-wracking to determine who will care for your children; however, it is essential to know that you can change your will at any time. We often work with parents who change their will because the guardian they previously named has passed away, moved away, had a life-changing event, or they just grew apart on their beliefs. We recommend that parents review their wills every few years to ensure the person named still aligns with their wishes.
2. Revocable Living Trust
While not necessary for everyone, a trust can be helpful if you have significant assets, want to avoid probate, or want to manage how your child receives money over time (rather than all at once at age 18). Children under 18 cannot legally own property; therefore, any assets left directly to them will need to be placed in a custodial account overseen by the probate court if a trust is not in place. Having assets go into a trust allows a trustee to manage the distribution to your children and does not require any involvement in the probate court.
A trust is also a private document, meaning your family’s financial affairs won’t become public record.
3. Powers of Attorney
- Healthcare Power of Attorney: Names someone to make medical decisions if you’re unable to.
- Financial Power of Attorney: Allows someone to manage your finances if you’re incapacitated.
These documents make sure your chosen person—not the state—has the authority to act on your behalf. Having powers of attorney is not unique to parents; it is an integral part of an estate plan to ensure you are taken care of while you are alive, but unwell.
4. Living Will
A living will is also known as an advance directive. This document outlines your wishes for end-of-life care, such as whether you want life support. It is incredibly important to document these wishes so you do not end up in a legal battle similar to that of Terri Schiavo. It’s essential to have, especially when your family may be facing emotionally challenging decisions.
Choosing a Guardian: What to Consider
Choosing a guardian for your child can feel like an impossible decision. Here are a few things to think about:
- Shared values: Do they share your parenting style, religion, philosophy, or educational goals? Will they support your children the same way that you should?
- Stability: Is their home environment stable and safe? Do they have the financial aptitude to take on this additional responsibility and expense?
- Willingness: Have you spoken to them, and are they willing to take on the role? Do they have a job that prevents them from being home?
- Location: Would your child need to move far from their current home and school?
You can always update your will if your preferences change. What matters most is having a guardian named today.
Common Questions New Parents Ask
1. Do both parents need a will?
Yes! Each parent should have their own will, even if their wishes are identical. This ensures legal clarity and avoids complications in the event that something happens to one or both of you.
2. What happens if we don’t name a guardian?
If you don’t name a guardian in your will, the probate court will appoint one. This could be a family member you wouldn’t have chosen, or even a foster placement while the court decides.
3. Can we name backup guardians?
Absolutely. It’s a good idea to list at least one alternate guardian in case your first choice is unable or unwilling to serve.
Start Planning Today
Your baby may not come with a manual, but you can give them the gift of security with a thoughtful estate plan. It’s not about expecting the worst—it’s about planning for the future and protecting what matters most.
If you're a new parent in Ohio and unsure where to start, we’re here to help.
