While people with more assets tend to plan more for their death, many others could benefit from some of the same estate-planning techniques.
Children under 18 cannot inherit property in their own names. A guardian must be appointed to hold the property until the child reaches 18. If the parent dies and has not made some provision for appointing a guardian, the court will have to. The person appointed might not be whom the parent would have chosen. Also, the proceedings to have a guardian appointed may be very expensive and time consuming. This can be avoided by naming a custodian or trustee for any minor children in a will.