MINOR CHILDREN: While the above and below scenarios only discuss property and assets, the single greatest reason to develop and formalize your estate plan is your minor children, if you have them. Imagine for a moment you and/or your spouse are departed, what happens to your minor children? Who is going to take care of them? How will their care be paid for?

It is important to understand, an oral agreement that your brother, sister, or parent(s) will take on the responsibility is NOT enforceable in court. This is especially so when a dispute has arisen in and among a family as to who is going to receive the children. Absent a formal written declaration, properly signed, witnessed and/or notarized, the ultimate decision rests with the court / probate judge. Absent an estate plan, you run the risk of not having your true wishes or desires, as it relates to the care of your minor children, fulfilled. Is it worth it?