For most parents, nothing is more important than making sure their children are protected — now and in the future. Yet many parents, including those who are diligent in other areas of their lives, put off end-of-life planning because it feels overwhelming or morbid. The result is a gap in protection that could have serious consequences for the children they love most.
If you have minor children, end-of-life planning is not optional. Here's what you need to do and why.
The Most Urgent Step: Name a Guardian
If both parents die or become permanently incapacitated, who raises your children? Without a will that names a guardian, a court decides — and the person they choose may not be who you would have chosen. Courts generally prioritize close relatives, but relatives may disagree, leading to legal battles during the worst possible time.
Naming a guardian in your will gives you control over this decision. You should also name a backup guardian in case your first choice is unable to serve. Talk to your named guardian before finalizing your will — this is a significant responsibility, and they should agree to take it on.
Financial Protection for Your Children
Life Insurance
Life insurance is the most direct way to ensure your children are financially protected if you die unexpectedly. A term life insurance policy — which provides a death benefit during a fixed period, typically 20 or 30 years — is often the most affordable option for parents. The death benefit can cover years of living expenses, education costs, and childcare. Learn more about life insurance and estate planning.
Setting Up a Trust for Minor Children
Minor children cannot legally receive large sums of money directly — a court-appointed guardian would manage any inherited assets until they turn 18, at which point they'd receive everything outright. Many parents prefer to leave assets in a trust that is managed by a trustee and distributes funds according to terms you set — for education, at age 25, or another structure that fits your values. Read our comparison of trust vs. will.
Beneficiary Designations
Review the beneficiary designations on your retirement accounts and life insurance. If your children are minors, naming them directly as beneficiaries can create legal complications. A trust or a UTMA/UGMA account may be a better option — consult an estate attorney for your specific situation.
Healthcare Planning for Parents
You also need an advance directive and a healthcare proxy. If you're incapacitated but not deceased, someone needs the legal authority to make medical decisions for you — and someone else needs to step in for your children in the meantime. Your will should address temporary guardianship for situations where you are incapacitated but alive.
Leaving Something More Than Money
Financial and legal protection is essential — but so is emotional legacy. Your children will grow up without you in some scenarios you're planning for. Messages, stories, photos, and recorded videos can bridge that gap.
Consider using Better Legacy to record video messages for your children's future milestones: their graduation, their wedding day, the birth of their own children. These are gifts that no financial account can replicate. Our guide to leaving messages for loved ones can help you get started.
Don't Wait for the "Right Time"
Parents often delay because the planning feels complicated or because they can't agree with their co-parent on a guardian. These are real challenges — but they're not reasons to have no plan at all. A basic will with a guardian named is far better than no will. Work on the harder decisions over time, but don't let perfection be the enemy of protection.
Start with our end-of-life planning checklist and identify the highest-priority items for your situation.