For many clients, becoming a parent brings tremendous joy—along with new responsibilities and a deeper sense of planning for the future. It’s also often the first time they begin thinking seriously about what would happen if they were no longer here to care for their child.
While estate planning may not be top of mind for new parents, creating a will and related legal documents is one of the most meaningful steps they can take to protect their growing family. As a trusted advisor, you can play an important role in helping clients understand what a will does—and, equally important, what it does not do.
Below are five key points to keep in mind when discussing wills and foundational estate planning with new parents.
1. Guardian nomination is one of the most critical reasons for new parents to have a will.
When a client with minor children passes away, the most pressing question becomes who will raise the child. Without a valid will, the court—following state law—must make that decision without any parental input.
A properly drafted will allows parents to nominate a guardian, providing the court with clear guidance about who they believe is best suited to care for their children. Although the court must always act in the child’s best interests, judges give strong consideration to a parent’s expressed wishes.
Advisors can encourage clients not to delay creating a will simply because they feel uncertain about a guardian. Even an initial nomination provides important legal direction and can always be updated later as circumstances evolve.
2. Selecting the right executor is vital.
An executor (or personal representative) manages the client’s estate after death—paying debts, handling probate, and ensuring the will’s terms are carried out. This person should be trustworthy, organized, and capable of managing administrative and financial matters.
If a client does not have a will, state law dictates who may serve as executor, and that individual may not be the one the client would have chosen. Advisors can help clients understand the importance of formally naming an executor now, ensuring smoother administration and minimizing potential family conflicts later.
3. Beneficiary designations take priority over what the will says.
Many clients are surprised to learn that beneficiary designations on financial accounts override the terms of a will. Life insurance, retirement accounts, and payable-on-death bank accounts all transfer directly to the named beneficiaries, regardless of what the will states.
Advisors can help clients review their beneficiary designations across all accounts to ensure they are consistent with their overall estate plan. Mismatched designations can easily lead to unintended outcomes—for example, a bank account passing to a parent or sibling instead of a surviving spouse or child.
4. A will may not always meet every estate planning need.
A will alone may not provide the level of control many clients assume. For instance, if a client leaves money directly to a minor child, the court will appoint someone to manage the funds until the child reaches the age of majority—typically 18 or 21. Most young adults are not prepared to handle a significant inheritance at that age.
Advisors can help clients explore options such as:
- A testamentary trust (created under a will), which allows parents to set conditions for how and when a child receives funds after their death; or
- A revocable living trust, which can provide ongoing management, avoid probate, and maintain privacy while offering greater flexibility during the client’s lifetime.
Collaborating with an experienced estate planning attorney ensures that clients choose the structure best suited to their goals and family circumstances.
5. Without a plan, state law—and the court—decide everything.
Estate planning documents are a client’s legally recognized instructions for what should happen when they are no longer able to act on their own behalf. Without clear documents in place, state law dictates who inherits assets, who handles the estate, and who raises any minor children.
Advisors can emphasize that a well-drafted estate plan—beginning with a will—ensures the client’s wishes are followed, their family is protected, and the process is simpler for those left behind.
Conclusion: Advisors as Essential Partners in Family Planning
Becoming a parent is one of life’s greatest transitions, and it often marks the moment when clients begin to think about long-term security and legacy. By raising the topic of wills and estate planning early, advisors help clients take meaningful steps to protect their loved ones and prevent avoidable uncertainty.
Our firm partners with advisors to ensure clients receive the comprehensive planning guidance they need. Together, we can help new parents create peace of mind—knowing that, no matter what, their child’s future is secure.
