Get a Social Security number for your child. This will be necessary for filing taxes.
Update your financial plan to include the expenses associated with this new member of your family.
Enroll your children in the Tricare health and dental plans or add them to your company plan.
Update your life insurance to make sure both partners are taken care of, just in case. Cover both you are your spouse.
Review the beneficiaries on your insurance plans, annuities and other investment accounts. Life Insurance benefits are not governed by a will.
Review your will.  It’s time to update it to include your children.
Appoint a guardian to raise your children.
Appoint a financial guardian with the ability to handle the money your children will receive. Sometimes the best person to raise your children is
       not the best person to also handle the financial side of things.
Consider starting a college savings account.

Active Duty Members: Your branch of service needs to know when you have new dependents.  This is how they know who is eligible for benefits and who to contact in case of emergency.

Update your record of emergency data with your branch of service – add your children to the next of kin list.
Sign up in the Defense Eligibility Enrollment Reporting System (DEERS).
Review your SGLI beneficiary.

Children as beneficiaries:  State laws vary as to the age at which children are allowed to control a financial asset. You may need to create a trust in order to define who will control the assets for the children until they are old enough to take over. In the absence of a guardian – the courts will appoint one which may or may not be the person you want or they may not make the choices you would have wanted for your children.