Life changes
New baby: guardians and beneficiaries
The few updates that matter most.
A new baby changes what your plan needs to cover. These are the updates that matter most.
- Name a guardian. This is normally done in a will. Ask the person first.
- Consider life insurance. Term life is often the simplest, most affordable option for young families.
- Check beneficiaries. Naming a young child directly can mean a court has to appoint someone to manage the money. A trust or a custodian (UTMA) avoids that.
- Add their documents. Birth certificate and Social Security card locations go in your records.
Good to know
Laws vary by state. An estate attorney can set up a guardian and trust together, often in a single meeting.