Why Every Parent Needs an Estate Plan

Did you know that three out of four Americans don't have a will? Many parents of minor children mistakenly believe estate planning is only about distributing assets. However, it's much more than that—it's about ensuring your children are cared for by the right people if something happens to you.

Without a solid estate plan, a court could decide who raises your child, manages their finances, and makes medical decisions—possibly against your wishes.

To protect your children's future, every parent should have these four essential estate planning tools in place.

👶 1. Last Will & Testament

A last will and testament is the foundation of your estate plan. For parents, it's more than just distributing assets—it's about securing your children's well-being.

What a Will Does for Parents:

✔ Names a legal guardian for your children if you and your child's other parent pass away.
✔ Establishes an inheritance for your minor children using a testamentary trust.
✔ Appoints an executor to handle your estate and work with the guardian.

Why This Matters:

❌ Without a will, a judge—not you—will decide who raises your children.
❌ Your children may inherit everything outright at age 18, which may not be ideal.
❌ Delays & court battles could create financial hardship for your family.

🔑 2. Power of Attorney for Minors

A power of attorney for minors (also called a designation of standby guardian) allows a trusted adult to make decisions for your child if you're incapacitated or unavailable.

Key Responsibilities of the Designated Guardian:

✔ Medical decisions – Approving treatments & accessing records.
✔ Educational matters – Enrolling in school & attending meetings.
✔ Financial decisions – Managing your child's money & benefits.

Why This Matters:

❌ If you're in an accident or hospitalized, who will care for your child immediately?
❌ Without this document, a court could delay emergency decisions about your child's care.
❌ Some states have expiration limits (e.g., 6 months–1 year), so it must be updated.

👨‍👩‍👧 3. Standalone Guardian Nomination

A guardian nomination document ensures your child is cared for by someone you trust if you pass away.

Why This Document is Important:

✔ Courts give significant weight to your written nomination.
✔ It's easier to update than a will, allowing flexibility.
✔ Prevents family disputes over guardianship.

💡 Pro Tip: Include a "letter of intent" explaining why you chose the guardian, their qualifications, and how you want your child to be raised.

📜 4. Revocable Living Trust

A revocable living trust protects your child's inheritance by managing assets for them until they are responsible enough to inherit.

Benefits of a Trust for Parents:

✔ Avoids probate, ensuring faster access to funds.
✔ Names a trustee to manage finances for your child.
✔ Specifies when & how children receive their inheritance.
✔ Provides financial support for the guardian.

Why This Matters:

❌ Without a trust, your child may inherit everything at 18, regardless of maturity.
❌ Probate court delays could make it difficult to access funds for their care.

🚨 What Happens If You Don't Plan?

Imagine both parents are in a serious accident:
❌ Without a power of attorney, a court may delay medical decisions for your child.
❌ Without a guardian nomination, a judge—not you—chooses your child's caregiver.
❌ Without a trust or will, your child may receive an inheritance at 18 with no financial protections.

📢 Protect Your Children's Future Today!

Estate planning isn't just for the wealthy—it's for every parent who wants to secure their child's future.

📞 Call us today to create a custom estate plan that protects your children in any situation!