What Should I Include in an Estate Plan If I Have Young Children?

 Posted on June 27, 2025 in Estate Planning

If you are a parent with young children, planning for their future means more than just saving for college or helping them explore their interests. Estate planning allows you to protect your children’s well-being in case something unexpected happens to you. Without a clear legal plan in place, important decisions may be left up to the courts.

An experienced Barrington, IL estate planning attorney can help you create a comprehensive plan that gives you peace of mind and safeguards your children’s future.

What Estate Planning Documents Do Parents Need?

Once we understand your needs and goals, we will explain how various types of estate planning documents can benefit you and your children. However, every parent should have a will. This document allows you to name a legal guardian for your children if you pass away before they become adults. Without a named guardian, a judge will likely choose someone to raise your children. The court’s decision is based on what the judge believes is in the best interests of your children, not necessarily who you would have wanted.

You may also want to create a trust. A trust allows you to set guidelines for how your assets will be used to benefit your children. This option can prevent a child from inheriting a large amount of money at a young age and allows you to choose a trustee to manage those funds responsibly.

You should also consider granting powers of attorney. These documents name someone you trust to handle your finances or medical decisions if you become unable to do so yourself.

How Can You Protect Your Children’s Financial Future?

Estate planning is not only about endless legal documents. It is also about smart preparation, and your children may need financial support if something happens to you. Name beneficiaries on life insurance policies and retirement accounts, and coordinate those choices with your will or trust. Without proper coordination, your wishes may not be carried out as expected.

You may also consider setting up a custodial account under the Uniform Transfers to Minors Act or using a 529 plan for education savings. We can help you choose the best way to protect your children’s financial future while minimizing taxes and legal complications.

Is the Same Estate Planning Right for All Parents With Young Children?

No two families are the same, and estate planning should reflect your unique situation and goals. Some parents may need only a basic will and guardianship designation. Others may benefit from a detailed trust, multiple powers of attorney, or special provisions for a child with special needs or disabilities.

The right estate plan depends on your assets, family structure, values, and long-term goals. For example, blended families need to ensure that all children are treated fairly. Our estate planning attorneys can help you build a customized plan that reflects your life, not just a generic checklist. Taking the time to make thoughtful, personalized choices now can protect your children from uncertainty later.

Why Should You Update Your Estate Plan Regularly?

Life can change quickly, and your estate plan should change with it. Any time you experience a major life event, such as the birth of another child, divorce, remarriage, a debilitating injury or illness, or a significant change in assets, you should review your estate plan with our lawyers.

It is a good idea to review your estate plan every few years, even if no major changes have happened. Laws may change, your preferences may shift, or people you have named in your plan may no longer be the best fit. Keeping your estate plan up to date ensures that your children remain protected.

Speak to a Barrington, IL Estate Planning Lawyer Today

If you have young children and want to protect their future, act now. Contact Lucas Law online or by calling 847-381-8700 today to schedule a consultation with one of our skilled Barrington, IL wills and trusts attorneys and begin building a comprehensive estate plan that meets your family’s needs.