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Life event
A New Child: what to review in your estate plan
A child cannot manage an inheritance, and if both parents were gone, a court would decide who raises your child unless you have said otherwise. This is the single most common reason parents come in.
Worth reviewing
- A guardian, and a backup, named for your child
- Whether a trust should hold money for your child until an age you choose
- Beneficiaries on life insurance and retirement accounts
- Enough life insurance to replace income and cover your child’s needs
- Who controls any education savings account
Documents to look at first
For this life event, these are the documents most often affected. Your own list depends on your family and what you have already signed.
- Guardian nominations for children
- Your will
- Revocable living trust
- Beneficiary designations (retirement, insurance, bank accounts)
- Life and disability insurance
When to act
Right away.
Related life events
Not sure where your plan stands?
A consultation is the place to talk through what has changed and what to update first. Nothing is finalized until we have talked.
This page is general information about Illinois law and is not legal advice. It does not create an attorney-client relationship. See the Disclaimer. Last updated October 2026.