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Parents of minor children — under 40, just starting estate planning
Estate planning when you have small kids
You're not planning for your death yet. You're planning for theirs — specifically, that they have a guardian, financial care, and a roadmap if you and your partner are gone tomorrow. Different priority order.
The hardest thing
What this audience faces that nobody warns them about
The guardianship decision — who raises your kids if you and your partner are gone — is the hardest conversation most young parents have ever had. It's harder than choosing a spouse. Most couples postpone it for years. Don't.
Three things that are different for you
If you take nothing else away
01
Guardianship is the most important section of your will
Choose a primary guardian + a backup. Have a real conversation with both before you name them — 'will you' is a different question than 'will you raise my children.' Update if life circumstances change for either (illness, divorce, distance). Worth more time than the rest of the will combined.
02
Term life insurance is unromantic and essential
20-year term, $500K-$1M each parent, at 30-40 years old is roughly $20-$40/month. Pays out tax-free to the surviving parent (or to the trust for kids). Don't get whole-life unless your CPA has a specific reason. Term covers the 20 years that matter most.
03
A children's trust is better than direct inheritance to minors
Minors can't legally inherit significant assets. Without planning, the court appoints a conservator and the child receives the entire inheritance at 18. A revocable living trust (or testamentary trust within the will) lets you control timing — say, ⅓ at 25, ⅓ at 30, ⅓ at 35 — and pick a trustee who is NOT necessarily the guardian.
The scripts that fit your situation
Paste-able family conversation starters
Young families need MORE planning than empty-nesters — the stakes are higher when kids are involved.
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