New Parent Money and Legal To-Dos: The First-Year List
None of this is urgent in the first week. All of it matters in the first year.
1. Write or update your will
A will is how you name a guardian for your child if something happens to both parents. Without one, a court decides. Choose a guardian (and a backup), ask them, and write it down. An estate attorney or a reputable online service can help; rules vary by state.
2. Life insurance
Ask yourself who would pay for childcare, housing and school if you weren't there. Many families look at term life insurance for each parent. Check what your employer already provides.
3. Beneficiaries
- ☐ Update beneficiaries on life insurance, 401(k)s and IRAs
- ☐ Note that minors generally can't receive money directly. Ask about naming a trust or a custodian.
4. Benefits at work
- ☐ Add the baby to health insurance within the deadline
- ☐ Dependent Care FSA for childcare costs, if offered
- ☐ Parental leave pay, return-to-work date
5. Taxes
- ☐ You need the baby's Social Security number to claim the Child Tax Credit
- ☐ Update your W-4 withholding if your credits change
- ☐ Keep childcare receipts for the Child and Dependent Care Credit
6. Budget
- ☐ Childcare (often the biggest new cost)
- ☐ Diapers, formula, clothes and gear
- ☐ An emergency fund
7. Saving for later (optional)
A 529 plan is a tax-advantaged way to save for education. Some states offer a tax deduction for contributions.
8. Write it down
Keep a short note on where the will, insurance policies and account information are. See the in-case-of-death binder guide.
General information, not legal, tax or financial advice.
The New Baby Admin Planner has a first-year money and legal page so none of this is forgotten.
New Baby Admin Planner — $14
18-page planner: hospital bag checklist, birth certificate and SSN, insurance deadline, pediatrician questions, feeding and sleep logs, first-year money to-dos. Instant download: PDF + DOCX + XLSX.
Get the New Baby Admin PlannerAll 10 kits — $59More guides
- Hospital Bag Checklist: What To Pack for Mom, Partner and Baby
- Newborn Paperwork Checklist: Birth Certificate, SSN, Insurance
- How To Get a Social Security Number for Your Baby
- Adding a Baby to Health Insurance: Deadlines and Steps
- Choosing a Pediatrician: Questions To Ask Before Baby Arrives
- Well-Baby Visit Schedule: The First Two Years
- Newborn Feeding and Sleep Log: What To Track and Why
- Before Baby Arrives: The Third-Trimester To-Do List
- How To Ask for Help After a Baby (Without Feeling Awkward)