First, congratulations!
Normally, if you have a new baby and you already had your estate planning documents completed after your first child was born, then there should be no need to update your will.
However, it may be a good idea to review the estate plan.
This was the subject of a recent New Jersey 101.5 post titled "Will another baby affect your current will?"
The post advises that you confirm whether your will identifies your "children" or "descendants" as your beneficiaries ... and then defines those terms to include afterborn children.
If it does, then yaay!
It will not be urgent to update your will to include your new child's name.
Unfortunately, if the will was drafted without that flexibility and only identifies your first child by name as the beneficiary, then you need to have your will updated.
The new "arrival" should also trigger a review your of the beneficiary designations for your life insurance policies and retirement plans.
In those documents, you may have named your first child specifically as a beneficiary. If yes, then an update may be necessary.
Also, be careful of naming your "estate" as the beneficiary of any retirement assets.
If you do, then it can have unintended adverse income tax consequences after your death.
Say you have significant retirement assets and want a testamentary trust created under your will to serve as the "beneficiary" for the benefit of your children.
Before doing so, consult with an experienced estate planning attorney who can counsel you regarding the requisite ins and outs in terms of taxes and asset protection.
Again, congratulations on the new addition, but remember: estate planning is not a DIY project.
So, how do you find an "experienced" estate planning attorney?
First, ask around. Friends, family and other professional advisors are trustworthy sources.
Second, conduct an "organic" search on "Google" for "estate planning" near you (e.g., "Estate Planning Anytown MoKan").
Third, either way, verify. Check out the education, experience, ratings and client reviews of any attorney before you contact him or her.
How?
There are two helpful resources just a mouse click away to assist with your due diligence: Avvo.com and Lawyers.com.
Check any Avvo ratings, client ratings/testimonials and attorney endorsements on Avvo.com and any "peer ratings" by judges/other attorneys and any client ratings/testimonials on Lawyers.com.
In fact, I use both of these services to thoroughly vett attorneys before referring members of our "client" family for legal help in other areas of law or for matters in jurisdictions outside Kansas or Missouri.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
Reference: New Jersey 101.5 (January 12, 2016) "Will another baby affect your current will?"
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