For someone with a family that includes young children, the first step in estate planning should be to
A) establish a will.
B) set up a trust fund for each child.
C) select a guardian for the children.
D) give each child his or her own savings account.

Question

Quizplus · Accepted Answer

The most important consideration for parents with young children is to select a guardian for them in case of an unexpected death or incapacity. This ensures that their children will be cared for by someone they trust and have chosen themselves. Establishing a will is also important, but the selection of a guardian should take priority. Setting up a trust fund for each child or giving them their own savings account may be beneficial, but it is not the first step in estate planning.

For Someone with a Family That Includes Young Children, the First