Planning for the Unthinkable: Essential Tools for Parents of Minor Children

Approximately 75% of Americans do not have a basic will. Many of these individuals also have children under 18, highlighting a common misconception: estate planning is about more than just distributing assets—it’s about protecting your loved ones.

For parents, one of the most critical aspects of an estate plan is ensuring their children’s care and well-being in case of an emergency. Without the proper legal documents in place, the court—not you—will decide who raises your children and manages their inheritance.

Essential Estate Planning Tools for Parents

Parents instinctively want to shield their children from harm and provide them with a stable future. While we cannot predict the future, we can plan for it. Estate planning ensures that if something happens to you, your children will be cared for according to your wishes.

To create a comprehensive safety net, your estate plan should include these three key documents:

1. Last Will and Testament

A will is a fundamental estate planning tool that becomes even more important when you have minor children. It allows you to:

Name a guardian – Choose the person who will raise your children if both parents pass away. Courts give weight to your nomination, but without a named guardian, they will decide on their own.
Establish an inheritance plan – Since minors cannot directly inherit assets, a testamentary trust (created within a will) ensures their inheritance is managed responsibly until they reach adulthood.
Appoint an executor – This person will carry out your wishes, ensuring your assets are distributed as intended and that your children’s financial needs are met.

2. Power of Attorney for Minors

This document allows a trusted individual to make decisions for your child if you are temporarily unable to do so due to illness, travel, or another emergency. The agent can:

Make healthcare decisions and access medical records
Enroll your child in school and make educational choices
Manage finances, including benefits and inheritance
Handle daily care, ensuring your child’s basic needs are met

Many states require these documents to be renewed periodically, so it’s important to keep them up to date.

3. Standalone Guardian Nomination

While guardianship can be designated in a will, a separate nomination document provides added flexibility and can be updated more easily. This document ensures that the court considers your preferred guardian first, avoiding unnecessary delays or disputes.

How These Tools Work Together

Estate planning documents are not interchangeable—they work in tandem to address different needs. Consider a scenario where both parents are in an accident. A temporary power of attorney allows a designated agent to care for the children immediately, while the will and standalone guardian nomination ensure long-term stability. Without these documents, custody and financial matters could be left to the courts, leading to potential conflicts or unintended outcomes.

Additional Planning Considerations

To further protect your children, consider:

Revocable Living Trust – Avoids probate, provides financial oversight, and allows for structured distributions of your children’s inheritance.
Letter of Intent – Explains your guardianship choices and provides guidance on your children’s upbringing.
Backup Guardians – Naming alternative guardians in case your first choice is unable or unwilling to serve.

Take Action to Secure Your Children’s Future

Estate planning is not just about what happens after you pass away—it’s about ensuring your children’s stability and security in any situation. If you have minor children, now is the time to put legal safeguards in place. Call us at (818) 788-7881 to start planning today!