A key part of estate planning is deciding who will be your child's guardian if you pass away while that child is still a minor. Your peace of mind hinges on the knowledge that they'll be taken care of.
As part of your estate planning, you may want to set up an advance directive. It works along with the rest of your plan to make sure that you get the medical care you need as the end of your life approaches.
It seems fairly clear to you that you're going to need a will eventually. It's inevitable. The same is true for everyone you know.
Parents often neglect to talk about estate planning with their grown-up children, feeling that such a conversation will just make everyone uncomfortable. However, this can lead to a lot of issues down the line because children may have unrealistic expectations or there may be confusion about what a parent really wanted. Estate disputes can erupt.
Wills have many potential benefits. For one, they can provide individuals with significant control over what will happen upon their death. However, such benefits can only be realized if a will is enforceable.
"What Happens to Me When I Die?"
By Bruce Alan Danford, LLM (rev'd 9/26/11)