Parents with minor children need to act now: create a will naming a guardian, set up trusts for any assets the kids inherit, write an advance directive for end-of-life care, and establish a durable power of attorney. Without these four steps, a judge decides custody and your finances fall into limbo.
If you have minor kids at home, you must do the following things now, not next year. I said now, buttercup. First, create a will or a trust and make sure you name a guardian for your child. If you don't do this and something happens to you and your spouse, a judge will end up making that decision. Next, name your children as secondary beneficiaries on all of your accounts and policies. If they're minors when they receive this money, it will have to go into a trust until they reach the age of majority. Next, create your advanced directive or living will. This is where you indicate how you want those end-of-life care decisions to be made. Next, create a Durable financial power of attorney. If you or you and your spouse become incapacitated, this will make sure your family is taken care of financially. There's more, but this is the absolute minimum you must take care of now if you have minor children. Follow me for more.
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