What estate planning documents do new parents need?

By Fidelis Solutions · Published May 21, 2026

What estate planning documents do new parents need?

New parents need five documents executed within 90 days of birth: a last will and testament naming a guardian, durable powers of attorney for healthcare and finances, updated beneficiary designations on retirement and insurance accounts, a SECURE Act 2.0 beneficiary review under [IRC §401(a)(9)(H)], and a revocable living trust or testamentary trust to govern inherited assets for minor children.

How this works

A last will and testament must name both a primary guardian and an alternate guardian for any minor child. Florida requires specific execution formalities under [Fla. Stat. §732.502], including two witnesses and a notary for self-proving status. Without a named alternate guardian, a single disqualification reopens an intestate succession dispute in probate court at the worst possible time.

Beneficiary designations on life insurance policies and retirement accounts governed by [IRC §401(a)(11)] and [IRC §403(b)] bypass probate entirely and supersede any language in a will. [IRS Pub. 590-B, Chapter 1] confirms that designated beneficiaries — not will language — determine distribution rights on inherited retirement accounts. New parents should update these designations within days of birth.

A durable power of attorney for both healthcare and financial matters ensures a trusted person can act on a parent's behalf during incapacity. [Uniform Power of Attorney Act §104] establishes the durability standard, meaning the document remains effective upon incapacity rather than terminating at that moment. A lapse in legal authority creates immediate, practical harm when a minor child depends on continuity of care and financial decisions.

The SECURE Act 2.0, effective 2023 under [IRC §401(a)(9)(H)], changed inherited retirement account distribution rules for minor children. Distribution obligations shift once a minor reaches the age of majority. New parents should name contingent beneficiaries and review these rules with a qualified planner before assuming a minor child can inherit a retirement account on favorable terms.

A testamentary trust written into a will, or a standalone revocable living trust, specifies distribution ages, conditions, and a trustee empowered to manage assets through a child's formative years. Without a trust, a minor who inherits assets outright may receive a lump sum at age 18 with no professional oversight. Fidelis Estate pairs AI-driven document automation with licensed estate professionals to compress months of legal preparation into days without sacrificing precision. A professional walks with the client. AI amplifies both. The result is an expert-level outcome in territory new parents have never had to navigate alone. Begin the process at https://www.fidelis.solutions/intake.

Sources

[Fla. Stat. §732.502] — Florida will execution formalities including witness and notary requirements
[IRC §401(a)(11)] — Beneficiary designation rules governing qualified retirement plans
[IRC §403(b)] — Beneficiary designation rules governing 403(b) retirement accounts
[IRS Pub. 590-B, Chapter 1] — Designated beneficiary distribution rights on inherited retirement accounts
[Uniform Power of Attorney Act §104] — Durability standard for powers of attorney upon incapacity
[IRC §401(a)(9)(H)] — SECURE Act 2.0 inherited retirement account distribution rules for minor beneficiaries, effective 2023

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