Estate Planning Checklist for Young Families (Start Here)
Estate planning sounds like something for retirees with large portfolios. For parents of young children, it's mostly about one question: if something happened to us, who would take care of the kids, and how would they pay for it?
The checklist
1. Choose a guardian, and put it in a will. A will is generally the document where parents nominate a guardian for minor children. Without one, a court decides. Talk to the person first, and choose a backup.
2. Write a will. Besides naming a guardian, a will names an executor and says how property should be handled. An attorney can advise whether a trust makes sense so that money for the children is managed by someone you choose until they are older.
3. Check life insurance. Many families rely only on employer group life insurance, which may end when the job does. Look at whether coverage would replace income for the years the kids need it.
4. Fix beneficiaries. Naming minor children directly as beneficiaries of life insurance or retirement accounts can require a court-supervised arrangement. Ask an attorney how to name a trust or custodian instead. See why beneficiary forms override the will.
5. Sign powers of attorney and health care documents. A financial power of attorney and a health care proxy mean your partner or another trusted person can act if you're unable to.
6. Make a family binder. Write down the practical stuff a guardian would need tomorrow: pediatrician, school, allergies, routines, where documents are, who to call, how the bills are paid. See what to put in an in-case-of-death binder.
7. Tell people. Tell the guardian and executor they've been named and where the documents are.
How much time does this take?
Steps 3, 4, 6 and 7 can be done this week, at home, for free. Steps 1, 2 and 5 usually take one or two meetings with an estate planning attorney.
General information, not legal advice. Laws vary by state.
The Just-In-Case Life Binder includes a dependents page for children's routines, medical details and guardians, plus an annual review checklist.
Just-In-Case Life Binder — $17
19-page printable binder for everything your family would need to know, plus letter of instruction templates and a life inventory spreadsheet. Instant download: PDF + DOCX + XLSX.
Get the Just-In-Case Life BinderFamily Paperwork Bundle — $34More guides
- In Case of Death Binder: What To Include (Complete Checklist)
- What Your Family Needs To Know If You Die: 10 Things To Write Down Now
- How To Leave Passwords for Your Family Safely
- Beneficiary Designations Usually Override Your Will: Check These Accounts
- Letter of Instruction: Example and Template
- Digital Legacy: Set Up Apple Legacy Contact, Google and Facebook
- End-of-Life Planning Checklist: Get Your Affairs in Order
- Important Documents To Keep and Where To Store Them
- Emergency Binder for Aging Parents: What To Ask and Write Down