If you were to survey people about who most needs an estate plan, the most popular answer would likely be incorrect. People think that the wealthy need estate plans the most. However, that is not true. Parents with minor children need them more.
One of the fascinating things about estate planning is how it is perceived by average Americans. When you talk to people about it, they often think of estate plans as a way for rich people to determine who gets their property when they pass away. That is a big part of it but it is not the only reason for estate planning. In fact, the wealthy benefit from planning more than other people, only if you think that money is the most important thing people have to protect and preserve.
Most people think protecting their children is more important than money. That is why parents with minor children have more reasons to plan their estates than wealthy single people, as Volume One points out in "When There's a Will."
When parents of minor children plan their estates, they accomplish two very important tasks. First, they figure out how their children's expenses will be met. Parents who thoughtfully prepare their estate plans can decide who will handle their assets for the benefit of their children and how that will be done. Even more importantly, they can decide who will take care of their children, should they be orphaned.
An estate plan is the only means by which parents have a say regarding who should be appointed as the guardian of their minor children, if anything happens to the parents.
If you have minor children, talk to an estate planning attorney, so you can make sure they are taken care of if the worst happens.
Reference: Volume One (March 7, 2018) "When There's a Will."