New parents need a will primarily to name a legal guardian for their child, since a court decides that question without one. A will also names an executor, lists your assets and debts, and directs who manages any inheritance left to a child until they turn 18.
Between sleepless nights and learning to care for a newborn, thinking about your own death is probably the last thing on your mind. But becoming a parent is exactly the moment to plan for the unexpected, since your child now depends on decisions you have not made yet. Here is what actually matters and how to handle it quickly. FastWill's will package is built around exactly these decisions.
What a Will Actually Does
A will is a legal document that directs how your estate, meaning everything you own, is distributed after you die. That includes real estate, vehicles, financial accounts, cash, cryptocurrency, and business interests. Your estate still goes through probate even with a will, but the process is faster and less expensive than when someone dies without one, since the court is not left guessing at your intentions.
The Number One Reason: Naming a Guardian
If you die while your child is a minor, your spouse or the child's other parent will almost always retain full custody. The real question a will answers is what happens if that person is also unavailable. Without a named guardian, a court decides based on what it considers the child's best interest, which may not match your actual preference.
Talk to the person you are considering before naming them, and always name a backup. Some family members assume they would automatically take custody, even when that is not what you actually want. If that describes your situation, have the conversation now rather than letting your will deliver the surprise later.
Deciding Who Manages Your Child's Inheritance
Minor children cannot legally take direct possession of an inheritance. Instead, you name someone as the guardian of the child's estate, who manages assets left to the child until they turn 18. This can be the same person as the child's personal guardian, or a different, more financially minded person, depending on who you trust with each role.
What a Will Handles, and What It Does Not
Most states give a surviving spouse priority for jointly owned property, but you still need a will to speed up administration and to cover anything not automatically jointly owned. A will can also name someone to take custody of a pet, list outstanding debts, and direct your executor on how those debts should be paid before remaining assets pass to your heirs.
Some assets never pass through a will at all. These include:
- 401(k) and other retirement accounts
- Pension plan assets and annuities
- Life insurance policies
- Property owned jointly, such as a marital home
- Bank accounts held jointly
- Trust property
All of these pass according to the beneficiary named directly on the account. As a new parent, this is a good time to make a full inventory of these accounts and confirm the beneficiary information is current.
Choosing Your Executor
Your executor oversees probate on your behalf. Many new parents name a spouse, but consider that your spouse will already be managing an enormous amount after your death, so a co-executor or an alternate can take some of that pressure off.
How FastWill Handles This
FastWill walks new parents through naming a guardian, an executor, and a manager for a child's inheritance, then applies your state's specific signing and witnessing requirements so the finished document is valid. You can update it again later, whether that means adding a second child or changing your guardian choice as your family grows.
If You Are Also Newly Married
If you had a child soon after marrying, review both decisions together rather than treating them separately. Our guide on writing an online will as newlyweds covers how spouses should coordinate their individual wills so the choices line up.
Pair Your Will With an Advance Directive
Alongside your will, consider an advance directive, which tells medical providers what care you want if you cannot communicate your wishes yourself. This matters at any age, but new parents in particular should not leave this decision blank. Our article on advance directives and living wills explains how this document fits alongside your will.
Frequently Asked Questions
What is the most important thing to decide as a new parent writing a will?
Naming a guardian for your child. This is the decision a court cannot make on your behalf the way it can distribute assets under default state law.
Who manages money I leave to my child?
You name a guardian of the estate in your will to manage the inheritance until the child turns 18. This can be the same person as the child's personal guardian or someone different.
Does life insurance pass through my will?
No. Life insurance pays out to whoever is named as beneficiary on the policy itself, regardless of what your will says, so keep that designation current.
Will my spouse automatically get custody if I die?
In almost all cases, yes, if your spouse is the child's other parent and is still living. Your named guardian only matters if that parent is also unavailable.
How soon after having a child should I write a will?
As soon as possible. The guardian decision matters from the moment your child is born, and waiting only leaves that choice up to a court in the meantime.
Protect the Promise You Already Made
You already promised to protect your child from harm. A will protects them from one more risk you can control. Start your will with FastWill and make that promise official.
