You’ve babyproofed every outlet. You researched the safest car seat. You interviewed three pediatricians before choosing one. You take your parenting responsibilities seriously. But here’s one critical decision many young parents haven’t made: who should raise your children if both parents can’t?
If you don’t have an estate plan, you are leaving these critical decisions and responsibilities up to chance.
The guardian problem: A judge will choose
Without a will, Ohio law requires a probate court to decide who raises your children. This isn’t a quick rubber stamp of your closest family member. Here’s what actually happens:
- A judge reviews petitions from interested relatives
- Family members may fight in court over custody
- The process takes time and costs money
- Your children could be in uncertain living situations during disputes
- The court’s choice may not align with your wishes
Even if you have a great family, the court still controls the process without your written instructions.
The money trap: Life insurance without a plan
Many young parents carry life insurance, whether through employer benefits or individual policies. But minors cannot legally inherit money directly in Ohio. Unless you set up a trust, problems can pile up fast.
For instance, the court will appoint someone to manage the money (who might not be the person raising your kids). Additionally, funds are restricted and supervised for years, then suddenly unrestricted when a minor turns 18. At that point, your child could receive the entire amount at once with no guidance. That $500,000 policy you bought to pay for college tuition could become a new sports car and spring break trips instead.
The incapacity blind spot
Most parents only think about estate planning in terms of death. But consider this: if you’re both hospitalized after an accident, who pays your mortgage? Who accesses your bank accounts to cover bills and childcare?
Without financial powers of attorney in place, even your closest family members may need to go to court just to manage your finances during your recovery. Court proceedings cost time and money when your family needs help immediately. Estate planning documents let trusted people step in right away when crisis hits.
