- As parents with young children, it's important to have a Last Will & Testament (and/or a Trust) which designates a legal guardian to care for the personal and financial needs of your children if something (e.g., a serious car accident, a major illness, etc.) should happen to both you and your spouse. If you don’t have a Life & Estate Plan which sets-up a guardian plan to care for your children, then your children could end-up in Child Protective Services until the court system is able to sort out who should be appointed as their legal guardian.