Planning for significant life transitions is central to financial planning. As recent first-time parents, we can say with confidence that there may be no greater transition in life than starting a family.

Busy parents have enough on their plates without adding estate planning, but with the joy of welcoming new family into the world, comes the responsibility to plan for the financial future of a family. Often, creating a will is probably the first thing that comes to mind when most people think about estate planning; there’s much more to building a stable financial future. One of the hardest parts of estate planning is knowing where to start. Luckily, we’re here to help.

Many Americans often look forward to receiving a tax refund. But before splurging on a dinner out or a weekend getaway, consider these steps to put your tax refund to work this year, setting yourself and your family up for long-term financial success.