If parents die without an estate plan, a court may be required to make all decisions regarding asset distribution. If children are young, the court also may make guardianship decisions. In a recent article from 247WallSt.com, “I’ve Built a $5.3 Million Net Worth – Is It Time to Hire an Estate Attorney?” readers are advised to talk with an estate planning attorney if they have young children, no matter how much they do or don’t own.
As Beck, Lenox & Stolzer Estate Planning and Elder Law has witnessed, if there is no estate plan in place and both parents die in an accident or because of illness, they will have lost the opportunity to determine anything about their children’s futures. The court will decide who will take custody and who will manage assets. Most parents would rather make these decisions themselves.
Another reason to have an estate plan when you have minor children is that assets will be managed by a court-appointed person until the children reach the age of legal majority. Once the children turn 18, the entire estate will be given to them, with no strings attached and no guardrails. Most grown people are not well equipped to manage sudden windfalls. An 18-year-old with $5.3 million dollars is not a good outcome.
By working with an experienced estate planning professional, parents of young children can create a plan to protect their children if the parents die or become incapacitated. An estate plan would name a guardian, ensure financial protection to avoid court-appointed management and, at the same time, structure a prudent inheritance.
An estate planning attorney can also help protect assets against creditors or long-term care costs. They will know how to plan for asset transfers outside the probate process and structure inheritances, so they are used wisely.
While the current federal exemption levels for estate taxes are quite high, someone who has amassed $5.3 million at a relatively young age needs to consider their estate tax liabilities should they reach the $15,000,000 estate and gift tax exemption level.
An estate planning attorney can create a strategic plan using trusts, corporate structures and other well-established planning tools to protect the assets, children and the spouse.
The bottom line: anyone, at any income or asset level, needs to have an estate plan in place, prepared by an experienced estate planning attorney in your jurisdiction. They will know how to create a plan to protect young children when their parents can’t be there to raise them, protect the children’s assets and ensure that parents make the decisions, not the court. For help, schedule a free phone consultation.
Reference: 247WallSt.com (Dec. 29, 2025) “I’ve Built a $5.3 Million Net Worth – Is It Time to Hire an Estate Attorney?”
