 TITLE: How to Plan Your Estate as a New Parent CONTENT: How to Create a Will\n--------------------\nA will is the basic foundation of an estate plan. If you make a will, your estate will still go through probate, but the process will be faster because the judge can use your will as a guide in making key decisions. Your will should:\n**Name a guardian and trustee for your children.** It's possible you and your spouse could both die or become incapacitated, so you'll want to name one or more people you can trust to care for your children by serving as a guardian or trustee. A _guardian_ will step in to raise them, and a _trustee_ or property guardian will handle their finances and manage any money or property they inherit. Often, the guardian and trustee are the same person, but they don't have to be. You may want to name alternate guardians and trustees in case your first choices can't handle the job or are no longer living when the need arises.\n**Name an executor for your estate.** After you die, your debts need to be settled, your taxes need to be paid and your property needs to be distributed to the beneficiaries you name in your estate plan. Your executor makes sure all of this is handled. The executor can be an attorney or any adult you trust to handle the process. Often, it is a family member, close friend or even an heir.\nIf you don't name an executor, the court will appoint an estate administrator and the judge will direct the administrator how to divide your assets. When choosing an executor, make sure the person is comfortable with the role. Consider naming some alternative executors in case your first choice doesn't want to or can't perform their duties for any reason.\n**Specify who inherits your assets.** In many states, naming someone as the beneficiary of financial accounts, such as bank accounts, retirement plans or life insurance policies, means those assets automatically go to that person when you die. In this situation, as long as you have the desired beneficiary listed on the accounts, you don't need to specify them in your will. For example, if you have employee death benefits from your job, naming your spouse as beneficiary is generally enough to ensure they receive the benefits after your death.\nAssets that you co-own jointly with your spouse, such as real estate, typically do not go through probate; they transfer to the co-owner named on the title. As long as your title to jointly owned assets is properly worded for the laws of your state, your will doesn't need to specify who should inherit the assets.\nYou may have other assets that you want certain people to receive. For example, maybe you want your daughter to inherit your heirloom silverware or your jewelry. You might want to leave money to a favorite charity or to distant family members the court might not consider when distributing your assets. This type of wish should be included in your will.\nA will is _not_, however, a good place for wishes related to funeral ceremonies and the disposition of your body. Since your will may be read weeks after you die, it's better to include things like where you'd like to be buried and where you'd like your services to be held in another document, such as as a health care directive. END