Hot Take Thursday: Why Young Parents Shouldn’t Wait to Create an Estate Plan

Welcome to Hot Take Thursday, our weekly series where we ask attorneys at Law Stein Anderson to weigh in on timely legal questions. 

Being Young Does Not Eliminate the Need for a Plan

Young parents may reasonably assume that serious illness, incapacity, or death is unlikely to affect them anytime soon. Unfortunately, youth cannot guarantee how much time anyone has.

Attorney Nathan R. Loftin expressed that reality in its simplest terms:

“We are not guaranteed tomorrow.”

Attorney Monique Nevarez offered a similar reminder:

“Incapacity and death don’t follow a timeline. Have a plan in place for the people who depend on you, God forbid, the unexpected happens.”

The purpose of an estate plan is not to predict when it will be needed. It is to prepare for circumstances that may be unlikely but would have profound consequences for a family.

As attorney Desiree F. Rivera explained:

“Unfortunately, things can suddenly change without notice, so it’s best to be prepared and have a plan in place for your family.”

That preparation can be particularly important once another person depends on you for their daily care, financial support, and long-term security.

For Parents, Estate Planning Is About Protecting Children

A common misconception is that estate planning is primarily concerned with distributing significant wealth. For parents of minor children, some of the most consequential decisions may have little to do with the size of the estate.

Attorney Erin M. Beranek explained:

“Estate planning isn’t really about your age or how much money you have—it’s about making sure your children are protected if something unexpected happens. Hopefully, your estate plan won’t be needed for decades, but the best time to put one in place is when you don’t expect to need it.”

Attorney Charlotte A. Flanigan agreed:

“None of us are guaranteed more time. For young parents especially, estate planning isn’t about wealth—it’s about making sure your children are protected and cared for if the unexpected happens.”

An estate plan allows parents to communicate decisions that might otherwise be left unresolved during an already difficult time. Those decisions can include who they would want to care for their children, who should oversee inherited assets, and how those assets should be used to support the children as they grow.

Who Would Care for Your Children?

For many parents, the most pressing estate planning question is also one of the hardest to contemplate: Who would care for the children if both parents were unable to do so?

Attorney Bryan K. Johnson emphasized the importance of making that decision:

“One of the most important things you can do as a parent is to decide who will be the guardian of your minor children. You need an estate plan!”

Without documented wishes, family members may disagree about what the parents would have wanted. A court may ultimately need to make decisions without the benefit of clear guidance from the parents themselves.

Selecting a proposed guardian requires careful thought. Parents may consider the person’s relationship with the children, parenting philosophy, location, health, age, family circumstances, and willingness to assume the responsibility. The right choice is deeply personal, but avoiding the decision does not prevent someone from eventually having to make it.

Who Would Manage an Inheritance?

Choosing a potential guardian is only part of the planning process. Parents should also consider what would happen to the assets intended for their children.

Minor children generally cannot manage inherited property on their own. If parents do not establish appropriate instructions, the management and eventual distribution of those assets may be determined by default legal processes rather than the parents’ preferences.

Attorney Kianna C. Parviz explained why this can make estate planning more—not less—important for younger families:

“Estate planning can actually be more important when you have young kids who rely on you—not less. While you may not need a complicated plan, you do need to decide who would raise your children, who would manage the assets you leave for them until they’re old enough to do so themselves, and who can make decisions for you if you’re unable to. Being young may decrease the odds of something happening to you, but it doesn’t make the consequences any less serious.”

Attorney Katie A. Lindsey expanded on the potential consequences:

“While the odds of something happening to a parent when they are young are low, the potential consequences for their children are high. Without a trust, you may be leaving assets to a minor who will gain control of those assets at age 18, which is often too young to inherit significant assets. That concern can be even greater when a child has already experienced the loss of a parent.”

Through thoughtful planning, parents can identify a trusted person to manage assets for their children and establish guidelines for when and how those assets should become available. A plan may provide for education, healthcare, housing, and other needs while allowing an inheritance to remain protected until a child is better prepared to manage it.

As Lindsey continued:

“With an estate plan, you can decide who will care for your children, when they will have access to inherited assets, and who will manage those assets until they are mature enough to do so on their own.”

Planning Can Ease the Burden on the People You Love

An estate plan does more than document financial instructions. It can prevent grieving family members from having to guess what a parent would have wanted.

Attorney Nicholas P. Carrigan suggested reframing the entire conversation:

“Don’t think of it as something to worry about later. Think about it as lifting a huge burden off of your family.”

Clear instructions may reduce uncertainty, avoid disagreements, and give loved ones a more defined path forward. Without a plan, state law and court procedures may determine what happens next.

Partner Shauna R. Anderson put it memorably:

“Every day is a gift; we never know when our day will come. You might be surprised to learn you have a plan—it’s the government’s plan: probate!”

While probate may be appropriate or unavoidable in some circumstances, relying entirely on default rules means surrendering many choices that could have been made personally.

Attorney David M. Huynh offered perhaps the day’s sharpest response to a parent planning to wait:

“Here’s my card. Please make sure to give this to your family.”

His response shifts the focus from the person postponing the decision to the family members who may eventually be left to navigate the consequences. When someone dies or becomes incapacitated without an estate plan, loved ones may face additional legal, financial, and practical decisions during an already difficult time.

Make Estate Planning Part of Welcoming a New Child

New parents already make numerous plans for their child’s future. They choose doctors, arrange childcare, begin saving, and make decisions about education and family life. Estate planning belongs within that same broader effort.

Attorney Pearl M. Walker drew a useful comparison:

“It is never too early to start estate planning, but there is a time when it is too late. It’s better to get the ball rolling early to ensure your child—or children—will be taken care of in the event something happens to you or your spouse or partner. A lot of new parents open a college fund for their child after they are born, so why not include estate planning too?”

A young family’s estate plan does not necessarily need to be extraordinarily complex. It should, however, reflect the family’s current circumstances and address the decisions that matter most.

As R. Zebulon Law succinctly observed:

“It’s never too early to do estate planning, but you can be too late.”

The Best Time to Plan Is Before the Plan Is Needed

Parents cannot control every circumstance their children may face. They can take meaningful steps to ensure that their wishes are known, appropriate people are entrusted with important responsibilities, and resources are managed with their children’s well-being in mind.

For young parents, estate planning is not an admission that something is expected to go wrong. It is one more way to care for a child—by preparing for the possibility that, someday, someone else may need to carry out that care on the parents’ behalf.

The attorneys at Law Stein Anderson LLP help individuals and families create estate plans suited to their needs, priorities, and long-term goals. To discuss planning for your family, contact our team.

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