If there were children, I would have a life insurance for if they are young. If they are older, they would have to fend for themselves and I hope that they have the same attitude as Ãmy sister and myself have towards our parents
One of the best things you can do for a new baby is be prepared to immediately get a permanent or whole life policy for them, which they can later borrow against, and pay themselves back with interest. If you fully fund it, which takes 11-12 years, if you pay in as much as you legally can, they can borrow from it to pay for college, borrow from it for their wedding, borrow from it to buy their first home, and so on.
There are only about 6 companies in the U.S. which offer policies where you can set your own interest rate on cash value funds borrowed (which then becomes a tax deduction, but adds to the cash value on top of the term value.
The best part is you don't have to depend on your kid being a star athlete, magic minority (e.g. "Irish boys named Humphries"), or be a stellar academician (although I expect most of us here would expect that last of our kids...) and get a scholarship, or not go to college except on daddy or mommy's checkbook.
It's more worthwhile than a trust fund, in most cases, because they *have* to pay themselves back.