Money fundamentals · Leaving a plan
Don’t leave your family guessing: why every parent needs a plan.
Nobody likes to think about it, but every family will face it. When someone dies without a plan, the people left behind are forced to guess, and guessing is where arguments, delays and broken relationships begin. A few documents can spare the people you love from all of that.
What happens without a will
If you die without a will, state law decides who inherits what, and a court may decide who raises your minor children. The outcome may not match what you would have wanted, and the process can take time and money your family can’t spare.
The documents most families need
- A will that says who receives your assets and names a guardian for minor children.
- Beneficiary designations on life insurance and retirement accounts. These often pass directly to the person named, regardless of what a will says, so keep them current.
- A durable power of attorney naming someone to handle finances if you can’t.
- A health care directive stating your wishes and naming someone to make medical decisions for you.
A licensed attorney in your state can help you prepare these correctly.
Make it easy to find
A plan only helps if your family can find it. Keep a simple list of accounts, policies, contacts and where documents are stored, and tell a trusted person where it is.
Review it when life changes
Marriage, divorce, a new baby, a move or a big change in assets are all good reasons to review your plan and update beneficiaries.
The short version
- Without a will, state law and the courts decide.
- Name a guardian for minor children.
- Keep beneficiary designations up to date; they often override a will.
- Add a power of attorney and health care directive.
- Tell someone where to find everything.
Common questions
Do young families really need a will?
Yes. For parents of minor children, naming a guardian is one of the most important reasons to have one.
Does a will cover my life insurance?
Usually not. Life insurance generally pays the beneficiary named on the policy, so keep those designations current.
This page provides general education only and is not legal advice. Laws vary by state. Consult a licensed attorney about your situation.
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