Why parents of young children need a will

The guardian question

The most important thing your will does: appoint a guardian for your minor children.

Without this:

Family members may fight over custody
The court decides with no guidance from you
Your children might end up with someone you wouldn’t choose
Siblings could be separated

🇦🇺 In Australia: A testamentary guardian (named in your will) looks after your children if both parents die. The Family Court makes the final decision based on the child's best interests, but your nomination carries significant weight.

Choosing the right guardian

This is the hardest decision. Consider:

Values — Will they raise your children the way you would?
Practical factors — Location, space, stability
Existing relationships — Do your children know and trust them?
Age and health — Can they realistically take on young children?
Financial situation — Are they stable?
Their own family — Are they willing to add to their household?
Both parents’ wishes — Do you and your partner agree?

Most importantly: have you asked them? Never name someone without their consent.

Protecting their inheritance

Children can’t inherit directly until they’re 18. Without a will:

Their inheritance goes into a court-supervised trust
There’s less flexibility in how funds are used
The surviving parent (or guardian) has limited control

With a testamentary trust in your will:

You choose the trustee who manages the money
You set rules for how funds can be used (education, health, housing)
You decide when children receive their inheritance outright (18, 21, 25, or in stages)
You protect their inheritance from poor decisions, divorce, or creditors

💡 Separate roles: The guardian raises your children. The trustee manages their money. These can be different people — choose each for the right reasons.

Life insurance is essential

Young children mean decades of financial need. If you die, who pays for:

Housing
Food and clothing
Education (school, university)
Healthcare
Extracurriculars
The life you wanted them to have

Calculate what your family needs, then get appropriate life insurance. Name your estate (or a trust) as beneficiary so your will controls distribution.

The “both parents” scenario

Most planning assumes one parent survives. But what if you both die in an accident? Your will should cover:

First choice guardian and backup
What happens to the family home
How life insurance proceeds are managed
Whether siblings stay together
Provision for children’s varying needs as they grow

Have these difficult conversations with your chosen guardian.

Letters of wishes

Your will is a legal document. A letter of wishes is personal guidance for your guardian:

Your hopes for your children’s education
Values you want instilled
Religious or cultural practices
Family members you want them to stay connected with
Practical information about routines, health, preferences
Messages you want them to receive as they grow up

Not legally binding, but invaluable for the people raising your children.

Update as children grow

Your will should evolve with your children:

Babies and toddlers — Focus on guardian choice and care
School age — Consider education funding
Teenagers — Think about when they should control inheritance
Approaching 18 — Reassess whether testamentary trust still makes sense

Major life changes (yours or theirs) should trigger a review.

What to do now

Discuss guardian options with your partner — you must agree
Have conversations with potential guardians — get their consent
Calculate life insurance needs — be realistic about costs
Use our Guardian Checklist to organise your thinking
Make a will with guardian nominations and testamentary trust
Write a letter of wishes for your children and their guardian
Tell your family where to find everything

⚠️ Don't wait: No one expects to die young, but accidents happen. The best gift you can give your children is knowing they'll be safe and cared for.