New parents in Brooklyn juggle daycare waitlists, rent, and sleep, so estate planning slides to the bottom of the list. But for a young family, the stakes are not about taxes, they are about who raises your children and who manages money for them. Here are the mistakes young Brooklyn families make most, and how to avoid them.
Mistake 1: Never Naming a Guardian
If both parents die without naming a guardian in a valid will, a Surrogate’s Court judge in Kings County decides who raises your children, possibly choosing relatives you would never have picked. New York lets you nominate a guardian for minor children in a will executed under EPTL section 3-2.1. Naming a guardian, plus a backup, is the single most important step for parents of young kids.
Mistake 2: Leaving Money to Minors Directly
Children cannot legally control inheritances. If your will or a life insurance policy leaves money outright to a minor, the court will appoint a guardian of the property to manage it, with annual reporting, and the child receives the entire balance at 18, often a large, unmanaged sum. A trust under EPTL Article 7 lets you name a trustee and set the ages and terms for distributions, such as funds for college first and a lump sum later.
Mistake 3: Mismatched Beneficiary Designations
Most young families’ biggest asset is life insurance, which passes by beneficiary form, not by will. Naming a minor child directly forces the money into court supervision. The fix is to name your trust as the beneficiary so the trustee, not a court, manages the funds for your children.
Mistake 4: Skipping a Will Because “We Don’t Have Much”
Without a will, New York intestacy (EPTL Article 4) divides your estate by formula between your spouse and children, which can leave a surviving spouse sharing assets with minor children and needing court permission to use them. A simple will tailored to your family avoids that gridlock regardless of how modest the estate is.
Mistake 5: Forgetting You Could Become Incapacitated
Estate planning is not only about death. If a parent is hospitalized after an accident, someone needs legal authority right away. A durable power of attorney under General Obligations Law section 5-1513 lets your spouse or another trusted person handle finances, and a health care proxy under Public Health Law Article 29-C lets them make medical decisions. Without these, your family may need a costly court guardianship.
Mistake 6: Set It and Forget It
A plan made when your first child was born may not fit after a second child, a move from Williamsburg to Marine Park, or a job change. Revisit your documents after every major life event so guardians, trustees, and beneficiaries stay current.
Consult a New York Attorney
Protecting young children takes coordinated documents, not a one-page form. Speak with a qualified New York estate planning attorney familiar with Brooklyn families and the Kings County Surrogate’s Court to make sure your children, and whoever raises them, are truly protected.
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