Estate Planning for Young Families in Maryland: What You Need to Know

If you are a young parent in Maryland, estate planning may not be at the top of your to-do list. Between work, childcare, and the daily demands of raising a family, it is easy to put off planning for the future. But the reality is that young families have more at stake than almost anyone when it comes to estate planning — because without a plan, your children’s future is left in the hands of a court.

At SoMD Estate Planning, attorney Kathryn Batey — herself a parent of two — understands these concerns firsthand. She helps young Maryland families create affordable, comprehensive estate plans that protect what matters most.

Why Young Parents Need Estate Plans

The number one reason for young parents to create an estate plan is the guardianship designation. If something happens to both parents and there is no will naming a guardian, the Orphans’ Court in your county decides who raises your children. That process can be contentious, with family members disagreeing about who should step in. The court may appoint someone you would never have chosen.

A simple guardianship designation in your will eliminates this uncertainty. You choose who raises your children, and the court honors your wishes.

What Happens to Your Kids Without a Will?

Without a will, your children face multiple layers of uncertainty. The court appoints a guardian without knowing your preferences. Your assets are distributed according to Maryland’s intestacy formula, which may not provide for your children in the way you intended. There is no trustee managing funds on their behalf, which means a minor child could inherit a lump sum at age 18 with no oversight or guidance.

A will — paired with a trust for minor children — prevents all of this. You name a guardian, you decide how your assets are managed for your children, and you set the rules for when they receive their inheritance.

Life Insurance and Beneficiary Designations

Life insurance is a critical component of every young family’s financial plan. If you have a term life insurance policy, make sure the beneficiary designations are current and coordinated with your estate plan. Naming minor children directly as beneficiaries can create complications, as minors cannot legally receive insurance proceeds. Instead, consider naming a trust as the beneficiary, with the trust providing instructions for how the funds should be used for your children’s care and education.

Trusts for Minor Children

A trust for minor children allows you to set aside assets with specific instructions for their management and distribution. You can designate a trustee to manage the funds until your children reach a certain age, specify that funds can be used for education, healthcare, and living expenses, and distribute the remaining balance at an age you choose — such as 25 or 30, when your children are more likely to manage the funds responsibly.

Choosing an Executor

Your executor is the person responsible for managing your estate after your death. For young families, it is important to choose someone who is organized, trustworthy, and willing to serve. Many young parents name a spouse as their primary executor and a sibling or close friend as an alternate.

Advance Directives for Parents

Estate planning is not just about what happens after you die. An advanced medical directive ensures that your healthcare wishes are documented and that someone you trust can make medical decisions on your behalf if you become incapacitated. As a parent, having an advance directive means your family has clear guidance during a medical emergency, rather than being forced to make difficult decisions without knowing your preferences.

The Minimum Estate Plan Every Family Needs

At a minimum, every young family in Maryland should have a last will and testament with guardianship designations, an advanced medical directive (living will and healthcare power of attorney), a financial power of attorney, and adequate life insurance with properly designated beneficiaries. Depending on your assets and goals, you may also benefit from a revocable living trust.

Frequently Asked Questions

How much does estate planning cost for young families?

SoMD Estate Planning offers flat-fee pricing, making estate planning affordable for families at every stage of life. Contact us at (301) 818-0389 for a free consultation and personalized quote.

When should young parents create an estate plan?

As soon as possible — ideally before or shortly after the birth of your first child. The guardianship designation alone makes this urgent. Do not wait until your estate plan is “perfect” to get started.

Can I name different guardians for different children?

Yes, though it is not common and can create complications. Most families prefer to keep siblings together under one guardian. Kathryn Batey can help you think through the options during your consultation.

Protect Your Family Today

Your children are counting on you to plan for their future. Call SoMD Estate Planning at (301) 818-0389 for a free consultation with attorney Kathryn Batey. Learn more about simple wills, trusts, advance directives, and guardianship designations.