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What parents need to know about estate planning

On Behalf of | Dec 21, 2021 | Estate Planning

Parenting is a journey that impacts every aspect of a Virginia couple’s life – and just about every dynamic of a relationship. Ensuring that all estate planning matters are handled before taking on this is role is important to all types of parenting situations, including expecting parents.

It’s hard to imagine – before being thrown into it – how much of a financial burden and the range of responsibilities that parents and guardians must take on, sometimes all at once when adopting older children. But even with newborns, the parental role is abruptly thrust on the couple from the late-night feedings to the endless endless supply of dirty diapers.

Planning your estate may just seem like adding one more thing, then, for these already overburdened new parents to have to think about. It’s hard to consider the seemingly ever-distant, far-off future for your children when their immediate needs are much more pressing.

But it is possible to do both with the right information and guidance. By taking a few simple steps, you can have your child’s future secured so you can focus on being present with them now. These are some basic steps that any new parent can take without having to carve too much time and mental energy out of their already limited supply.

The new parents’ estate planning checklist


  • Prepare your living and post-mortem documents
  • Designate trustees and guardians
  • Read the requirements of your life insurance policy
  • Update beneficiary designations and account ownership

Although no parent likes to think about it, there’s always the possibility that one or both will experience a sudden injury, illness, or death. It’s therefore crucial that a plan is laid out in the case of any such tragic events.