Why You Need a Will If You Have Kids

Parents with children under 18 are the largest group of Americans without a will or other estate planning documents, according to Caring.com's 2025 Wills and Estate Planning Study. Overall, only about 24% of Americans in that study said they have a will.

It's easy to understand why. When you're raising kids, building a career, or running a business, estate planning feels like something for later. But for parents, it might be the most important time to have it done.

Do you need a will if you have kids?

Yes. If you have children under 18, a will is where you name a guardian: the person you want to raise your kids if something happens to you and their other parent. Without one, a judge decides who that will be.

The court will try to act in your children's best interest, but it won't know your family the way you do. The process can take time, and in the meantime, your kids could be placed in temporary care with people you never would have chosen. Naming a guardian in your will is how you make that decision yourself.

What estate planning documents do parents need?

A will is the starting point, but most parents need a few more pieces to have a complete plan:

A will that names a guardian for your minor children, and ideally a backup guardian.

A plan for how money will be managed for your kids. Minors generally can't receive an inheritance directly. A trust lets you choose who manages the money and when your children receive it, rather than leaving that to a court.

Up-to-date beneficiary designations on life insurance, retirement accounts, and other accounts. These usually override your will, so they need to match your plan.

A financial power of attorney and a health care directive, so someone you trust can make decisions if you're alive but unable to make them yourself.

An estate planning attorney can help you put the right documents in place for your state and your family.

The financial side parents often miss

Even if you've already checked the "have a will" box, many parents miss the bigger financial picture. Naming a guardian decides who raises your kids. Your insurance and finances decide whether that person has the resources to do it.

Employer life insurance usually isn't enough

Life insurance through work is a good start, but the coverage is often limited, and it typically ends when you change jobs, sell your business, or get laid off. Coverage that's tied to your employer can disappear right when your family can least afford a gap, so it's worth having coverage of your own that stays with you.

The right amount of coverage isn't one-size-fits-all

How much life insurance you need depends on your situation, including:

Your mortgage balance and other debts

Your business obligations, if you own a business

Future costs like childcare and college

How many years of financial runway your family would need to maintain their lifestyle

Two families with the same income can need very different amounts, so it's worth running the numbers instead of relying on a rule of thumb.

Your strategy should change over time

As your assets grow and your kids get older, you may eventually be able to reduce or drop certain types of insurance. But being self-insured is a milestone you work toward, not a starting point. Review your plan whenever something big changes: a new child, a new home, a new business, or a move to a different state.

The takeaway

If you have kids, a will isn't optional. Name a guardian, plan for how your children's money will be managed, and make sure your insurance and beneficiaries actually support that plan. Getting your estate planning in order costs far less than the risk of not having it.