: What are important legal and financial steps for new parents? What are the most important legal and financial steps for new parents in the US? For example, establishing a will, purchasing life insurance, setting up a college

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Life Insurance. You have someone (your child) now who is completely and solely dependent upon you to take care of them. If something unfortunate were to happen and you were no longer there to provide for them, that would be tragic. Life insurance, like any other insurance, is a necessary evil for parents of young children. Tern life insurance is typically quite affordable in the long run and provides a financial security blanket.

I also agree with all of @Sarato 's comments regarding Legal items.

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Here is a list based on our experiences, and what I was able to research:

Identification

Apply for (and order copies of) birth certificate
Apply for social security card
Apply for passport (if desired)

Legal

Update your will:

Name a guardian for your child
Designate what your child should inherit, and how that money should be used (if you don't specify how much to set aside for education, etc., the courts will)
Name a trustee for your child's finances


Prepare a Caregiver Affidavit (this names someone to care for your child if you are incapacitated temporarily)
Prepare a Durable Power of Attorney over Finances (this allows someone to manage your finances if you are unable)

Financial / Medical

College / education savings
Life insurance for yourself (if desired)
Set your bank accounts to be payable on death to your chosen guardians
Add your child to your health insurance (if vision and dental plans are separate, they can usually wait until the child is 6 months or a year old)