1. Create a Will.  A will is a legal document that outlines how you want your assets to be distributed after you pass away. Without a will, the state will determine how your assets are distributed, which may not align with your wishes. In your will, you should name a guardian for your children and designate someone to manage their inheritance if they are under 18. Be sure to update your will periodically to reflect any changes in your life circumstances.
2. Consider a Trust.  A trust is a legal arrangement that allows you to transfer assets to a trustee who will manage them on behalf of your children. You can establish a trust during your lifetime or through your will. There are many types of trusts, and an estate planning attorney can help you determine which one is best suited for your needs.
3. Name Beneficiaries.  When you pass away, your assets will pass to your beneficiaries. It’s essential to ensure that your beneficiaries are named correctly on your accounts, including retirement accounts, life insurance policies, and bank accounts. Make sure to update your beneficiaries after any major life event, such as the birth of a child.
4. Create Advance Healthcare Directives.  Advance healthcare directives are legal documents that allow you to specify your medical wishes if you become incapacitated. This is similar to a living will, which outlines your end-of-life medical preferences, which designates someone to make medical decisions on your behalf if you are unable to do so.
5. Review Your Life Insurance.  Life insurance can provide financial security for your family in the event of your death. Make sure that you have enough coverage to provide for your children’s needs, including education expenses.
6. Consult with an Estate Planning Attorney.  Estate planning can be complex, and it’s important to consult with an attorney who specializes in this area. An attorney can help you navigate the legal requirements and ensure that your estate plan reflects your wishes.

Estate planning for new parents is essential. It can provide peace of mind knowing that your children will be cared for in the event that something happens to you and your spouse. Take the time to create a will, consider a trust, name beneficiaries, create advance healthcare directives, review your life insurance, and consult with an estate planning attorney. With a little bit of planning, you can help ensure a secure future for your family.