As a parent it is important to understand the complications that can occur if you don’t have a proper estate plan in place. Just having a will isn’t enough to ensure your children are cared for in the event you are incapacitated.
When you have children, estate planning stops being about you and starts being about them. Many parents put it off because life is busy, the kids are young, or it all feels a bit confronting. But having an estate plan in place is one of the most practical and loving things you can do for your family.
Here are five key things every parent should consider including in their estate plan.
- A valid, up-to-date Will
A Will is the foundation of any estate plan, but for parents, it does more than decide “who gets what”.
Your Will can:
- appoint guardians for your children
- set out how assets are managed for them
- provide clarity and reduce stress for the people you leave behind
Without a Will, or with an outdated one, decisions about your children and assets may be made according to rigid legal rules, not your wishes.
If your family circumstances have changed (new children, blended families, business interests, or property purchases), it’s important your Will reflects that.
- Guardianship arrangements for children under 18
One of the most important (and often overlooked) parts of estate planning for parents is who would care for your children if you couldn’t.
In your Will, you can nominate guardians, people you trust to raise your children in line with your values.
Choosing guardians isn’t just about who loves your children. It’s also about:
- practical capacity
- values and parenting style
- family dynamics
- where they live
Clear guardianship nominations can prevent uncertainty, family conflict, and distress at an already difficult time.
- A plan for how your children will receive their inheritance
Children cannot legally control their inheritance until they turn 18 and in many cases, giving full access at 18 isn’t ideal.
An estate plan can include:
- trusts to hold assets for children
- appointing trustees to manage such trusts
- ages or stages at which funds are released
- guidance for how money can be used (education, health, housing)
This doesn’t mean being controlling, it means being protective and thoughtful.
A well-structured plan helps ensure your children are supported, not overwhelmed, by their inheritance.
- Enduring Powers of Attorney
Estate planning isn’t just about death, it’s also about what happens if you’re alive but can’t make decisions.
Enduring Powers of Attorney allow you to appoint trusted people to make:
- financial decisions
- personal and lifestyle decisions
For parents, this is crucial. If you were injured or unwell, someone may need to:
- access money to support your children
- make urgent decisions on your behalf
- manage day-to-day financial matters
Without these documents, families often face delays, stress, and the need for tribunal involvement.
- A plan that reflects your real family life (not just your assets)
Many parents assume estate planning is simple because they “don’t have much”.
In reality, complexity often comes from:
- blended families
- superannuation and insurance
- family trusts or companies
- differing needs between children
A good estate plan looks at your whole picture, your family dynamics, your responsibilities, and your future risks, not just a list of assets.
This is where tailored advice makes a real difference.
Estate planning isn’t about expecting the worst, it’s about creating certainty, protection and calm for the people you love most.
If you have children, having a clear and thoughtful plan in place can make all the difference for their future.
If you’re not sure where to start, or whether your current documents still fit your family, getting advice early can help you plan with confidence.
