Protecting Your Children’s Future: Three Things Young Families Should Know About Estate Planning

As a parent, ensuring your children’s well-being is one of the most important responsibilities you have. Estate planning allows you to make critical decisions about who will care for your children and manage their financial needs if you are no longer able to do so. Here are three estate planning essentials for young families.
 
Name a Guardian and Conservator
 
A guardian is a person who takes legal responsibility for your children’s well-being if you and the other parent are unable to do so. A guardian makes decisions about healthcare, education, residence, and religious upbringing. A conservator manages your children’s financial assets, including inherited funds, settlements, or Social Security benefits, until the children reach age 18.
 
You should name a guardian and conservator in your Will. If you pass away, the court will review the proposed guardian’s suitability and determine if the appointment is in the children’s best interest.
 
Name a Temporary Guardian
 
Since the court appointment of a guardian/conservator takes time, state law allows parents to appoint a temporary agent to care for their children for up to 60 days. This agent assumes decision-making authority over the children’s care and custody until a permanent guardian/conservator is appointed.
 
A temporary guardian is appointed through a legal document called a Parental Appointment of Temporary Agent, which ensures immediate care for your children without court delays.
 
Establish a Will or Trust
 
Is naming beneficiaries on your financial assets enough? If you have young children, probably not. Naming minor children as direct beneficiaries can lead to complications requiring a court-appointed conservator.
 
A well-drafted Will is essential to name a guardian/conservator for your minor children. A Will also determines how assets will be distributed at death. However, a Will requires court involvement to oversee funds going to minor children. This can be avoided by establishing a Trust.
 
A Trust provides structure for managing your children’s inheritance by specifying when and how they receive assets. The Trust will name a Trustee—a family member, friend, professional fiduciary, or corporate entity—to manage trust assets in the children’s best interest. You can also include special creditor protection provisions in your trust that will help protect your children’s inheritance from their creditors, including a divorcing spouse.
 
An estate planning attorney can help ensure your plan aligns with your wishes, safeguarding your children’s financial security and avoiding legal hurdles. Estate planning provides peace of mind that your children will be cared for and financially secure. Proactively making these decisions ensures your children’s well-being, no matter what the future holds.
 
Listen to Leah’s conversation with Tom Leyden in Episode 132 of the Westwood Living Podcast
 
Leah Kofos is an attorney with the Dedham estate planning firm of Samuel, Sayward & Baler LLC. This article is not intended to provide legal advice or create or imply an attorney-client relationship. No information contained herein is a substitute for a consultation with an attorney. For more information visit ssbllc.com or call 781-461-1020. © 2025 Samuel, Sayward & Baler LLC.