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Wills for New Parents

Every new parent needs a will. Without one, the court decides who raises your children. Guardian appointment, testamentary trusts. From $199. LexWills.

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Frequently Asked Questions

What is the most important part of a will for new parents?

Guardianship is paramount. If both parents die, you must name guardians for minor children. Designate both a primary and alternate guardian (in case the first is unwilling or unable). Choose someone who shares your values and can provide a stable, loving home. Without a named guardian, the court appoints one—usually a family member but potentially someone you wouldn't choose. You can also designate separate guardians for property (managing the inheritance) and persons (raising the child). Discuss guardianship preferences with the people you're naming.

Relevant legislation: Succession Law Reform Act, S.O. 1990, c. S.26, s. 20

How much life insurance should new parents have?

A common estimate is 5-10 times your annual income, covering mortgage, debt, education costs, and childcare expenses for decades. For a $60,000/year earner, $300,000-$600,000 is reasonable. Calculate: mortgage balance, childcare costs, education savings goals, and living expenses until the youngest child reaches independence. Term insurance (20-30 years) is most affordable for young parents. Without adequate insurance, your family may lose the home or struggle financially. Insurance proceeds pass directly to named beneficiaries outside your will, providing liquidity for your executor and family.

Relevant legislation: Insurance Act, R.S.O. 1990, c. I.8

Should I set up a trust for my children's inheritance in my will?

Yes, especially if beneficiaries are minors. A testamentary trust (created in your will) holds inheritance and a trustee manages it according to your wishes: paying for education, housing, and living expenses, distributing at age 25, etc. This prevents a 19-year-old from inheriting $200,000 and mismanaging it. You can specify distribution terms (e.g., income at 18, capital at 25). Without a trust, probate courts manage minor inheritances with rigid legal rules. A trust gives flexibility and protection.

Relevant legislation: Succession Law Reform Act, S.O. 1990, c. S.26

Who should be executor and trustee of my will for my children?

Choose someone trustworthy, organized, and willing—often a spouse, adult sibling, or parent. Executor duties include: probate, paying bills, selling assets, distributing inheritance. Trustee duties (if you create a trust) include: managing assets, paying expenses, making distributions. Some families appoint the same person; others split roles. For new parents, name an alternate in case your first choice dies or declines. Discuss with the person before naming them. You can also appoint a corporate trustee (bank or trust company) if no family member is suitable.

Relevant legislation: Succession Law Reform Act, S.O. 1990, c. S.26, s. 2

How do I name alternates for guardians and executor?

Always name backup guardians and trustees. If your primary choice dies, moves away, or becomes unable, the alternate steps in. Without backups, the court appoints a replacement—potentially someone you wouldn't choose. Name at least one alternate for each role. Discuss preferences with both primary and alternate choices to ensure they're willing. Update these designations every few years as circumstances change (guardians move, children age out, executor becomes infirm).

Relevant legislation: Succession Law Reform Act, S.O. 1990, c. S.26, s. 20

What should I communicate to my family about my will?

Tell guardians and executor that you've named them and where your will is stored (safety deposit box, lawyer's office). Discuss your values and wishes for the children if both parents die. Clarify how you want funds managed (education priorities, home expenses, etc.). Provide a list of assets, accounts, insurance policies, and passwords. Many new parents create a "letter of wishes" with guardians explaining child-rearing preferences, medical history, and family values. This document isn't legally binding but guides guardians. This advance communication prevents confusion and conflict.

Relevant legislation: Succession Law Reform Act, S.O. 1990, c. S.26

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Wills for New Parents

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