Estate Planning for Young Parents: Protecting What Matters Most
For many young parents, estate planning feels like something to handle later in life.
You may not consider yourselves wealthy. You may still be saving for a home. Retirement feels far away. Between work, childcare, and the general pace of everyday life, legal planning rarely rises to the top of the list.
That is completely understandable.
However, once you have children, estate planning is no longer about wealth. It is about protection.
Studies show that only about 29% of parents with minor children have a will or basic estate plan in place. That means most families are leaving important decisions to state law and the probate court system if something unexpected happens.
The question becomes straightforward, even if it is uncomfortable: if something happened to you tomorrow, who would raise your children?
Naming a Guardian
If you have not formally nominated a guardian in a valid will, a probate court will ultimately decide who is appointed. Even if you have discussed your wishes with family members, those conversations are not legally binding.
In our experience, many parents are surprised to learn that without written documentation, loved ones may need to file petitions with the court simply to step in. In some situations, competing petitions can arise, which adds stress at an already difficult time.
A properly drafted will allows you to formally nominate a guardian and significantly reduce uncertainty. It gives your family clarity when they need it most.
Minor Children and Inheritance
Another common assumption is that assets will simply “go to the kids.”
Under Massachusetts law, minor children cannot directly receive or manage inherited property. If a child inherits assets outright, the court will typically appoint a conservator to manage those funds until the child turns 18. At that point, the child gains full legal control of the inheritance.
For many families, that outcome is not ideal.
A revocable living trust allows you to appoint a trustee of your choosing to manage assets for your children’s benefit. You can establish standards for distributions, such as health, education, maintenance, and support. You can also determine at what ages principal may be distributed, rather than having everything transferred at once.
The goal is not restriction. It is responsible stewardship.
Coordinating Life Insurance and Beneficiary Designations
For young families, life insurance is often the primary financial safety net. It may be intended to pay off a mortgage, replace lost income, or fund future education expenses.
What many people do not realize is that beneficiary designations must be coordinated carefully. Naming a minor child directly as beneficiary can trigger the need for a court-appointed conservatorship. Aligning life insurance proceeds with a properly drafted trust ensures those funds are managed according to your instructions and without unnecessary court involvement.
It is a small planning step that can make a significant difference.
Planning for Incapacity
Estate planning also addresses situations that do not involve death.
If you were temporarily incapacitated due to illness or injury, someone would need legal authority to manage your finances and make medical decisions. A durable power of attorney authorizes your chosen agent to act on your behalf. A health care proxy allows a trusted individual to make medical decisions if you are unable to do so.
Without these documents, family members may need to pursue a court-appointed guardianship or conservatorship in order to act. That process can take time and often involves unnecessary expense.
A Practical, Foundational Plan
For most young parents, a comprehensive but straightforward plan includes:
- A will nominating guardians
- A revocable living trust
- A durable power of attorney
- A health care proxy
- Properly coordinated beneficiary designations
This type of planning is not about complexity. It is about clarity, protection, and control.
No parent enjoys contemplating worst-case scenarios. Still, we have seen firsthand how much stress and delay can be avoided when families take the time to plan ahead. It is one of the most meaningful steps you can take to protect your children and reduce the burden on extended family.
If you have young children and have not yet put a plan in place, now is the time to begin the conversation.
These basic plans are easier to put together than you might think. Have “the talk” with your partner or a trusted confidant, schedule a 30-minute Zoom call with Attorney Patti Novak or Attorney Meghan Huber, put everything in writing—and finally give yourself permission to stop dwelling on the unthinkable.
