Somewhere between the 2 a.m. feedings and the first daycare tour, “estate planning” probably hasn’t made it onto your to-do list. But if you’ve welcomed a baby in the last few years, you have a small window before school starts to put a plan in place that protects your child no matter what happens to you.
What an Estate Plan Actually Does for a New Parent
For parents, estate planning isn’t really about your assets. It’s about your kids. A basic plan answers the two questions that keep new parents up at night more than any 2 a.m. feeding: who raises my child if I can’t, and who manages what I leave behind until they’re old enough to handle it themselves.
Most new parents assume a will alone covers this. In reality, a comprehensive plan for a young family typically includes four documents working together:
- A will, which names a guardian for your minor child and directs how your assets are distributed
- A trust, which can hold and manage assets for your child until they reach an age you choose, rather than handing over a lump sum at 18
- Powers of attorney, which name someone to handle your finances if you’re incapacitated
- Healthcare directives, which spell out your medical wishes and name someone to make decisions if you can’t
Under Minnesota law, if you die without a will, a court decides who raises your child and who controls any inheritance, without any input from you. Drafting a will in Minnesota is the single most direct way to make sure that decision stays yours.
Why “Before Kindergarten” Is the Right Deadline
Life moves fast in those first few years: a first home, a second child, a new job, maybe a move across the metro. Each of those changes your financial picture and, often, who you’d actually want raising your kids. Setting a plan before your child starts school gives you a natural checkpoint to review it again as your family grows.
This is also when naming a guardian stops being an abstract “someday” conversation and becomes urgent. Many parents put this off because it feels like an impossible choice, but an unnamed guardian doesn’t mean the decision goes away. It means a judge makes it instead, often without knowing your family’s values or relationships.
A revocable living trust is worth considering early, too, especially if you’d rather your child not inherit a full account balance the moment they turn 18. A trust lets you spread out distributions, say, a portion at 25 and the rest at 30, and name a trustee you trust to manage things in between. Setting one up while your child is young means it’s already in place, growing alongside your family instead of playing catch-up later.
When It’s Worth Bringing in an Attorney
DIY will templates can feel like an easy box to check, but they rarely account for Minnesota-specific requirements around witnessing, guardianship nominations, or how a will interacts with retirement accounts and life insurance beneficiary designations. A mismatch between your will and your beneficiary designations can undo careful planning without anyone realizing it until it’s too late.
An attorney who works with young families regularly can also help you think through guardianship choices you might not consider on your own, like naming a backup guardian or separating who raises your child from who manages the money.
Johnson/Turner has helped Minnesota families build estate plans since 2003, and our flat-fee model means you know the cost upfront, no surprise bills while you’re already juggling a new baby’s expenses. If you’re ready to put a plan in place before the school years start, schedule a free consultation with our estate planning team.
