The recent tragic death of Liam Payne, a member of the music band “One Direction”, once again highlighted why every parent needs an estate plan. Liam died last year at the age of 31, leaving behind a young son and an estate of roughly $32 million without a will. So, Liam’s assets would most likely be divided by a court based on applicable laws. The court will also appoint guardian(s) for his minor son. These arrangements may or may not be what Liam Payne wants. We never know.
In the United States, over half of adults don’t have a will. Many people think estate planning is for the wealthy or the elderly. This couldn’t be further from the truth. In fact, estate planning is a fundamental act of responsibility and love — especially for parents. At the heart of any estate plan is the well-being of your children. Think about it: if something were to happen to you tomorrow, who would raise your kids? That sounds terrible, but without a legal will or guardianship designation, the court decides — not you. The process can be lengthy and may result in a guardian you wouldn’t have chosen. Naming a trusted guardian ensures your children are raised by someone who shares your values and parenting style.
An estate plan allows you to designate how your assets — such as savings, home equity, and life insurance — will be managed and distributed. Without a plan, your estate may go through probate, a time-consuming and potentially expensive legal process. Worse, your children could receive their inheritance in a lump sum at 18, without the maturity to manage it wisely.
Grief and stress can bring out the worst in people. An estate plan reduces ambiguity and prevents confusion or disagreements about your wishes. Clearly defined plans about guardianship, inheritance, and personal possessions can protect family relationships during an already difficult time.
Knowing that your children will be cared for emotionally, physically, and financially — no matter what — is a powerful source of peace. An estate plan gives you that peace. One of the reasons people don’t get around to estate planning is that the task seems too overwhelming and they don’t know where to start. That’s why we developed estate plan review and implementation checklists and break them into chunks for our clients to get their plan in order. We can also act as our clients’ resource and help them find the right people they need for additional expertise and assistance on completing their estate plan.
Parenthood is about planning ahead — whether it’s for your child’s first steps or their college education. Estate planning is one more crucial way to ensure you’re prepared. It’s not just about wealth distribution; it’s about protecting what matters most: your children, your values, and your peace of mind.
Every parent, regardless of income or assets, needs an estate plan. Don’t wait for a crisis to force your hand. Start the conversation now — because your family deserves a secure future.