What should new parents include in an estate planning checklist?
By Fidelis Solutions · Published May 21, 2026
What should new parents include in an estate planning checklist?
New parents should immediately establish five core documents: a valid will with a named guardian, beneficiary designation updates across all financial accounts, a revocable living trust if minor children are primary heirs, explicit UTMA/UGMA custodian designations, and a durable power of attorney. These five actions close the most critical legal gaps and can be executed within weeks through a structured intake process.
How this works
Uniform Probate Code §2-101 et seq. governs asset distribution and child guardianship when a parent dies without a valid will. Thirty-four states follow the UPC or a substantially similar framework. A parent's stated intentions carry no legal weight without executed documents — the state's intestacy statute controls both inheritance and child placement in the absence of a will.
Beneficiary designation forms operate entirely outside the probate process. IRS Publication 590-B §1.6 confirms that IRAs and qualified retirement plans pass directly to the named beneficiary, regardless of any conflicting instruction written in a will. A beneficiary designation on a life insurance policy or 529 plan carries the same override authority. Fidelis Estate treats a full beneficiary designation audit as a non-negotiable first step in every new parent intake.
Guardianship nomination is not automatic and is not implied by parenthood. Uniform Probate Code §2-202 and parallel state statutes require a written nomination of guardian executed within a valid will. Without that nomination, a court appoints a guardian through a process that can take months — during which the child's legal placement remains unresolved and may not reflect parental preference.
A revocable living trust is worth serious consideration when minor children are the primary heirs. A revocable living trust avoids probate delays, names a successor trustee to manage assets on behalf of a minor child until a parent-specified age, and permits an IRC §645 fiduciary income tax election during estate administration — which can reduce estate-level tax burden in the years following a parent's death. Fidelis Estate structures trust distribution ages to align with the family's values, not arbitrary legal defaults.
UTMA and UGMA custodial accounts carry a legal risk that new parents frequently overlook. The Uniform Transfers to Minors Act §2-101 clarifies that absent an explicit transfer-on-death designation, custodial account assets may trigger separate guardianship proceedings — adding court oversight, legal fees, and delay to what should be a direct transfer. Naming a custodian explicitly and reviewing that designation annually removes that exposure. Fidelis Estate helps new parents complete this full checklist through a structured process built for families at every asset level, not just high-net-worth clients.
Sources
- Uniform Probate Code §2-101 et seq. — intestacy and asset distribution rules
- Uniform Probate Code §2-202 — written guardian nomination requirement
- IRS Publication 590-B §1.6 — beneficiary designations for IRAs and qualified retirement plans
- IRC §645 — fiduciary income tax election during estate administration
- Uniform Transfers to Minors Act §2-101 — custodial account transfer-on-death requirements
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