A new child or grandchild changes who your estate goes to — and who raises them if something happens to you.
Guardian designations, trust provisions for minors, and beneficiary updates must be executed after every new family member. Most parents intend to get around to it. Many don't.
What changes at the $2M–$50M level
Your action plan
Ordered by urgency. Items marked "Immediate" should be addressed within 60–90 days.
Without a named guardian in a valid will, a court decides who raises your child. This is the most important legal step for parents of minors.
Find an estate attorney →Explicitly include new children and grandchildren in trust distributions and will provisions. Don't assume they're automatically included.
Find an estate attorney →New dependents increase income replacement needs. Review both coverage amount and beneficiary designations.
Do this in My Wealth Maps →529 contributions up to $18,000 per year ($36,000 for couples) qualify for annual gift tax exclusion. Superfunding allows 5-year front-loading.
Add the new family member as a contingent or conditional beneficiary where appropriate. Minor children cannot directly receive life insurance proceeds — a trust is required.
Do this in My Wealth Maps →How prepared are you for new child / grandchild?
Answer 5 questions and get a personalized readiness score with specific gaps identified.
Get professional help
An estate attorney can execute the legal documents and topics many families discuss with counsel after this event.
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