A: Simply adding a new child to your will is not sufficient. You must also add them to your life insurance policy as well as any retirement or other accounts. Typically, you’ll specify what percentage of the account value will go to whom. Often, you can choose both primary beneficiaries and secondary beneficiaries (who’d receive the account value if the primary beneficiary predeceases you). It’s typically not recommended to list a minor as a beneficiary, but you can discuss that with an estate planning attorney.
Keep in mind: