More than 60% of parents with minor children don’t have a will, according to several national surveys. This is a serious lapse, as parents need a will to appoint a person to raise their children if the parents die. The solution is not that difficult, says a recent article from Seattle’s Child, “Why every parent needs a will.” Parents with young children need to have an estate plan.
An estate plan includes several documents serving to protect children in case of their parents’ death. The guardian is named in the will. Trusts are used to provide funds for the child’s upbringing and to protect any inherited assets, so the child can’t access them until they are mature enough to make sound financial decisions.
If there is no will or other estate planning documents, there are default laws and procedures to determine who will become the guardian of the minor child and what will happen to the parent’s assets. The court could decide the child should be raised by a blood relative who lives many states away, taking the child from their home and community during a time of great stress.
If parents would rather the child remain in their school and community, having a will and naming a close family friend as their guardian could prevent the child from being uprooted from everyone and everything they know.
Many people make the mistake of thinking their spouse automatically inherits their estate. However, this depends upon the laws of your jurisdiction. In some states, the estate is divided between the spouse and the children. If the children are minors, they cannot legally inherit property. Therefore, their portion of the inheritance may be controlled by an administrator appointed by the court. If this occurs, the surviving spouse will receive a smaller inheritance, which may make it financially impossible to stay in the family home. Placing the surviving spouse in a position where they must request funds from a court-appointed administrator is not a pleasant legacy to leave.
If there is no will, the court divides assets according to the law of intestacy—the state’s laws. Children who inherit a full estate upon reaching the age of 18 are rarely ready to manage large amounts of money. Creating a trust for the benefit of a child, with a trustee who will manage the assets and provide directions on when to disburse funds and for what purposes, solves this problem.
When going through the estate planning process, you’ll also need to select someone to be your personal representative after you’ve died. The executor obtains death certificates, notifies Social Security and other government agencies, consolidates assets, pays bills and pays taxes for the estate and your final personal income taxes.
Parents with young children need to have an estate plan. Planning for what could happen in the future when your children are young is not as much fun as going on a family vacation or decorating a nursery. However, taking care of this will ensure that your beloved children are protected according to your wishes. This is a legacy of love. If you would like to learn more about planning for young parents, please visit our previous posts.
Reference: Seattle’s Child (July 25, 2025) “Why every parent needs a will”
