Why Estate Planning Is Critical For Young Families
When most people think of estate planning, they imagine it's only for retirees or the wealthy. Yet, research shows estate planning is essential for young families too, particularly those with young children or growing assets.
Most Americans Lack Essential Documents
According to the Trust & Will 2025 Estate Planning Report, while 83% of Americans recognize the importance of estate planning, only 31% have a valid will, and just 11% have a trust. That means 69%–89% are unprotected, an especially high gap among younger adults (Trust & Will, 2025).
Similarly, a 2024 survey found that only 32% of Americans have any estate plan, a decline from previous years, despite 64% saying they believe it’s very or somewhat important, highlighting a gap between awareness and action (Caring.com, 2024).
Young Adults Are Particularly Underprepared
Estate planning rates remain especially low for younger generations: only 24% of adults aged 18–34 have a will, though that is up from 16% in 2020 (Caring.com, 2024). Trust & Will reports just 22% of Millennials and 15% of Gen Z possess wills, despite younger adults traditionally citing procrastination or perceived lack of assets as barriers (Trust & Will, 2025).
Guardianship Decisions Fall to the Courts Without a Plan
A will allows parents to appoint guardians for their minor children. Without a legally valid will, state laws determine guardianship, potentially resulting in decisions by courts that don’t reflect your wishes (Innovate‑Legal, 2024; SmartAsset, 2024).
Planning for Incapacity Protects Your Family
Estate planning includes powers of attorney and healthcare directives that designate someone you trust to manage finances or medical care if you become incapacitated. Without these documents, loved ones may need court approval to act, adding time, expense, and emotional burden (Collections from Ward & Smith, 2025; Innovate‑Legal, 2024).
Estate Planning Reduces Legal Cost, Delays, and Public Exposure
Estate assets that pass through probate can take months or even years, and may cost 3–10% of the estate’s value in fees. Additionally, probate is public record; trusts allow private, quicker distribution of assets (Caring.com, 2024; Trust & Will, 2025).
Open Family Communication Prevents Conflict
Research shows that discussing inheritance and estate plans early reduces potential family conflict. Financial professionals recommend making such conversations ongoing, clear, and not limited to one-time disclosures (WSJ summary via Ebeling, 2024; Business Insider’s Casey Cohen, 2025).
Estate Planning Is About Control, Not Just Wealth
Even modest assets, such as digital accounts, sentimental items, or minor savings, can benefit from estate planning. Young families are often building financial and personal legacies; establishing legal control early ensures your values and intentions are protected, regardless of net worth (SmartAsset, 2024; Innovate‑Legal, 2024).
How RJP Estate Planning Supports Young Families
At RJP Estate Planning, we specialize in serving young families across Arizona with a family-focused, process-driven approach:
Will & Guardian Appointments to ensure guardianship aligns with your choices.
Revocable Living Trusts to keep your affairs private, reduce delays, and minimize estate costs.
Durable Power of Attorney & Healthcare Directives so trusted individuals can act if you're unable.
Quarterly Plan Reviews to adapt as your family grows, births, adoptions, and asset acquisitions.
Clear, Jargon-Free Consultations to help you understand not just what, but why each step matters.
Our goal is to offer peace of mind and long-term stability, tailored to your family’s values and needs, not one-size-fits-all templates.
References
Caring.com. (2024). 2024 Wills and Estate Planning Survey. Innovate‑Legal. (2024, Aug 27). Why estate planning matters for young people and young families.
SmartAsset. (2024). Estate Planning for Young Families: What to Know.
Trust & Will. (2025). 2025 Estate Planning Report: Redefining Legacy.
Trust & Will. (2025). 2025 Demographic Breakdown: Who Has an Estate Plan?
Ward & Smith, P.A. (2025, May). Why Wait? Estate Planning for Young Families.
Casey Cohen (Chief Marketing Officer, The Estate Registry). (2025, Jun). Talking to children about estate plans. Business Insider
Ebeling, A. (2024). Don’t delay having the talk about family inheritance. The Wall Street Journal (via Your Money Briefing).