What happens to my child if I die without naming a guardian?

A court decides who raises your child, choosing among relatives who apply. That can mean delay and family conflict. Nominating a guardian in your will gives the court your clear preference.

At what age will my child receive their inheritance?

Without a trust, usually at the age of majority (18 or 19) in a lump sum. A trust in your will lets you stagger payments to later ages you choose and have a trustee manage the funds until then.

Should the guardian also control the money?

Not necessarily. Many parents name one person as guardian and another as trustee, so the child is raised by one and the funds are managed (and overseen) by someone financially capable.

How much life insurance do new parents need?

Enough to cover debts like a mortgage and replace income for the years your child depends on you. Name a trust or trustee as beneficiary so the proceeds are managed for the child, not paid to a minor.

Estate Planning for New Parents: Guardians, Trusts, and Wills

If you have just had a child, a will moves from optional to essential. A will is the only place you can nominate who would raise your child if both parents die, and it is where you set up how money would be managed for a young child. New parents are exactly the group most likely to die without a plan and most harmed when they do. This article is your starting checklist. It is general information, not legal advice.

Why is a will so important once I have a child?

A will lets you nominate a guardian — the person who would raise your child if both parents are gone. Without that nomination, a court decides among relatives who step forward, which can mean conflict and uncertainty for your child.

A will also lets you control money for your child. A minor cannot legally manage an inheritance, so without planning the funds may be tied up under court supervision and handed over in a lump sum at the age of majority.

How do I choose a guardian for my child?

Think about who shares your values, has the stability and willingness to raise your child, and has a genuine bond with them. Geographic proximity, age, and family situation all matter.

Always ask the person first, and name an alternate in case your first choice cannot serve. Remember that the person raising your child does not have to be the same person managing the money.

Shared values and parenting approach.
Stability, age, and willingness to take on the role.
An existing relationship and bond with your child.
A named backup guardian if the first cannot act.

How should money be managed for a young child?

Most parents do not want a child to receive a large inheritance outright at 18 or 19. A trust in your will lets a trustee manage the funds for the child's benefit — education, health, living costs — and release the capital at ages you choose, such as 21, 25, and 30.

You can name the same person as guardian and trustee, or split the roles so one person raises the child while another, perhaps more financially experienced, manages the money. Splitting them also adds a check on how funds are used.

What role does life insurance play for new parents?

Young families often have large obligations (a mortgage, years of child-rearing) and limited savings. Life insurance fills that gap, replacing income and ensuring there is money to actually fund the guardian's care of your child.

Rather than naming a young child directly on the policy, name a trust or trustee so the proceeds are managed responsibly rather than paid to a minor or tied up in court.

What other documents do new parents need?

Beyond the will, both parents should have powers of attorney so that if one is incapacitated, the other (or a trusted person) can manage finances and make health decisions without a court application.

It also helps to leave practical guidance for a guardian — your wishes on schooling, religion, and values — even though such notes are usually not legally binding.

How does iFinallyWill help new parents?

iFinallyWill is built for exactly this moment: it walks new parents through naming a guardian, setting up a trust for a minor, choosing an executor, and creating powers of attorney — all tailored to your province or state, typically in about 20 minutes.

Lifetime updates mean you can add future children, change a guardian, or adjust trust ages as your family grows. For larger or more complex estates, treat it as a strong foundation and add legal advice.

Frequently asked questions

What happens to my child if I die without naming a guardian?: A court decides who raises your child, choosing among relatives who apply. That can mean delay and family conflict. Nominating a guardian in your will gives the court your clear preference.
At what age will my child receive their inheritance?: Without a trust, usually at the age of majority (18 or 19) in a lump sum. A trust in your will lets you stagger payments to later ages you choose and have a trustee manage the funds until then.
Should the guardian also control the money?: Not necessarily. Many parents name one person as guardian and another as trustee, so the child is raised by one and the funds are managed (and overseen) by someone financially capable.
How much life insurance do new parents need?: Enough to cover debts like a mortgage and replace income for the years your child depends on you. Name a trust or trustee as beneficiary so the proceeds are managed for the child, not paid to a minor.