Guardianship is the headline decision
Naming a guardian is the single decision most parents avoid — and the one that, if you do not make it, a court will make for you.
Estate Planning for FamiliesLegacy Counsel
Estate Planning for Families
If you have minor children, the most important paragraph in your estate plan is the one that names a guardian.
Key Points
- ◆Guardian designations for minor children (primary and successor)
- ◆Testamentary or revocable trusts to hold assets for minor beneficiaries
- ◆Life insurance sized to fund education, housing, and a guardian stipend
- ◆Coordination of 529 plans, UTMA accounts, and retirement beneficiary designations
- ◆Letters of instruction covering values, traditions, and practical guidance
Trusts for minor beneficiaries
A 25-year-old should not inherit a seven-figure life insurance payout outright.
Coordinating beneficiary designations and 529s
Retirement accounts, life insurance, and 529s pass by beneficiary designation, not by the will.
Frequently Asked
When should I create my first estate plan?+
At the latest, when you have a child, buy a home, or accumulate retirement assets.
What happens if I do not name a guardian for my children?+
A court will appoint one.
How much life insurance do parents with minor children need?+
A common starting point is 10–12x the working parent's income, plus expected education costs, plus mortgage payoff, minus existing liquid assets.
Next Step
Talk to Legacy Counsel.
Fixed-fee estate planning for clients in New York, New Jersey, and Ohio.
Drew Jacobs is licensed in New York, New Jersey, and Ohio. Nothing on this page constitutes legal advice or an offer to represent you in a jurisdiction in which we are not licensed.
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