What to Include in a Will When You Have Children

Every parent wants to secure their child’s future. You may be wondering what to include in a will, or where to start. In this guide, we break down the most proactive steps you can take to shield your family from uncertainty.

Creating a secure future for your children is a natural step in protecting your family’s tomorrow. Having a clear plan in place ensures that your wishes are respected and your children are always cared for by the people you trust. At Foster + Bloom, we can help you build a stable legal foundation for your family.

Why Parents Need a Will

If you pass away without a will, state laws, rather than your personal wishes, will determine who cares for your children and how your assets are distributed. This state-administered process, known as dying intestate, can leave your loved ones with unnecessary emotional and financial stress during an already difficult time.

Dedicated estate planning acts as a roadmap, ensuring your voice is heard even when you are no longer there to speak. It allows you to maintain control over essential decisions, from daily caregiving to financial inheritance. By documenting your wishes, you can reduce uncertainty for your loved ones and help protect your children during a vulnerable time.

1. Name a Guardian for Your Children

For many parents, the most important part of creating a will is naming a guardian for their children. If both parents pass away without naming a guardian, a court will decide who will care for the children.

By including guardianship provisions in your will, you can choose who will raise your children and ensure that decision reflects your family’s values and priorities. This allows you to select someone you trust to provide a stable, loving home and make important decisions on your children’s behalf.

Before naming a guardian, consider whether the person:

• Has a strong relationship with your children
• Shares your values and parenting approach
• Is emotionally and physically capable of caring for a child
• Lives in a location that would provide stability for your children
• Is financially prepared to take on the responsibilities of raising a child
• Is willing to serve as a guardian if the need arises

Having an open conversation with your chosen guardian before naming them in your will can help prevent complications later. Confirming they are willing and able to serve ensures everyone understands the responsibilities involved.

Many parents also choose to name one or more alternate guardians in case their first choice is unable to take on the role when needed.

2. Decide How Your Children’s Inheritance Will Be Managed

Planning for your children’s future goes beyond naming a guardian. You’ll also want to decide how any money or assets you leave behind will be managed and protected until your children are ready to handle them on their own.

Minor children generally cannot directly inherit or manage significant assets, so having a plan in place for overseeing those funds until they reach adulthood can help ensure they are managed according to your wishes. Without clear instructions, a court may need to appoint someone to manage your children’s inheritance.

One common way to protect and manage these assets is by establishing a trust. A trust allows you to determine:

• How and when funds can be distributed
• What expenses the money can be used for, such as education, health care, housing, and daily living costs
• When your children will gain access to their inheritance
• How assets will be protected until your children are ready to manage them responsibly

Choose a Trustee

You will also need to choose someone to oversee these funds. This person, known as a trustee, manages the assets according to the instructions outlined in your estate plan.

The trustee does not have to be the same person as your children’s guardian. In fact, many parents choose one person to care for their children and another to manage their finances. Separating these responsibilities can:

• Provide additional oversight
• Reduce the burden on a single individual
• Help ensure both caregiving and financial responsibilities are handled effectively

When Should Your Children Receive Their Inheritance?

In many states, the legal age of majority is 18, but most parents agree that an 18-year-old may not yet be prepared to manage a significant financial windfall responsibly.

Instead of a lump-sum distribution, you can design a staggered distribution schedule. For example, you might choose to distribute 25% of the inheritance at age 25, another portion at age 30, and the remaining balance at age 35.

This structured approach allows your children to gain financial maturity and learn from smaller mistakes before taking full control of their legacy. It provides a buffer that helps them build a strong financial foundation over time.

3. Leave Instructions for Your Children’s Future

In addition to naming a guardian and creating a plan for your children’s inheritance, you may choose to document personal wishes for their upbringing.

While these instructions are generally not legally binding, they can provide valuable guidance for your children’s guardian and help them make decisions that align with your values. You may choose to share your preferences regarding:

• Education and schooling
• Religious beliefs and traditions
• Health care decisions
• Family traditions and important relationships
• Extracurricular activities and personal interests

Including these details can help provide clarity for your loved ones and preserve the values and priorities that matter most to your family.

4. Determine Who Will Carry Out Your Wishes

In addition to naming a guardian and creating a plan for your children’s inheritance, you’ll need to choose someone to carry out the instructions in your will. This person is known as your executor. An executor is responsible for managing your estate after your death, including:

• Locating your will
• Managing the probate process
• Paying outstanding debts and expenses
• Distributing assets according to your wishes

Choose someone who is trustworthy, organized, and capable of handling administrative tasks. Many parents also name a backup executor in case their first choice is unable to serve. Selecting the right executor can help ensure your estate is managed smoothly and your wishes are carried out as intended.

Update Your Will as Your Family Changes

As your family grows and changes, your estate plan should be updated to reflect your current circumstances. It’s a good idea to review your will after major life events, such as:

• The birth or adoption of a child
• Marriage or divorce
• Moving to a new state
• The death or incapacity of a guardian, trustee, or executor named in your estate plan
• Significant changes to your financial situation

Families formed through adoption, surrogacy, or assisted reproduction may also need to update their estate plans as legal parentage and family relationships are established. Regularly reviewing your will helps ensure your documents accurately reflect your wishes and continue to protect the people who matter most.

Work With Foster + Bloom to Protect Your Family’s Future

Creating a will is one of the most important steps you can take to protect your children and provide clarity for your loved ones. From naming a guardian to planning for your children’s financial future, a comprehensive estate plan can help ensure your wishes are honored if the unexpected happens.

At Foster + Bloom, we help individuals and families create wills that clearly document their wishes and protect the people they love most. Whether you’re creating a will for the first time or updating an existing one, our team can help you navigate the process with confidence.