It's one of those questions that most of us would rather not think about. But for parents with children at home, it may be one of the most important questions you can ask: what actually happens, from both a financial and legal perspective, if both parents were to pass away at the same time? For many families, the honest answer is: a lot more than you'd expect, and not always in the ways you'd want.

When There's No Plan in Place

Without a will, your estate doesn't simply flow to the people you'd choose. It's governed by the intestacy laws of your state, which are a set of default rules that determine who inherits your assets, who manages your estate, and in some cases, who becomes the legal guardian of your minor children.

So, without a documented guardian designation, a judge may be the one making that decision.

Beyond guardianship, families navigating the loss of both parents without estate documents in place often face a range of complications:

• Frozen or delayed accounts, leaving loved ones without timely access to cash during an already difficult period
• Lengthy probate proceedings that can stretch for months and carry significant legal costs
• Unintended asset distribution, where assets pass to individuals or in proportions that don't reflect what the parents would have wanted
• Children inheriting assets outright at age 18, without any structure, guidance, or protection in place to help them manage it responsibly

None of these outcomes are inevitable. But without a plan, they become real possibilities.

Start the conversation before you see the lawyer

Estate planning attorneys are invaluable partners in this process. But before you sit down with one and begin to pay hourly fees, it can be worth working through your goals, priorities, and values in advance.

A financial advisor can be a helpful starting point for those early conversations. Not because advisors replace attorneys, but because arriving at a legal meeting having already thought through what you want often makes the process faster, clearer, and less costly. It also gives you a lower-pressure environment to ask questions, weigh options, and think through scenarios before you're in a formal legal setting.

The most important step is getting started

There's no perfect moment to begin estate planning. But if you have people in your life who depend on you, including children, a spouse, or aging parents, making these plans earlier tends to be better than later. With that, we certainly recognize that circumstances change. The guardian you named when your children were toddlers may or may not still be the right fit today. Beneficiary designations set up years ago may not reflect where your life is now. Estate plans can benefit from periodic review as families grow, assets evolve, and life takes its inevitable turns.

Starting this conversation is an intentional step towards creating one of the most meaningful things you can do for the people who matter most to you.