Parents with young children need to have a will and a trust.

Parents with young children need to have a will and a trust.

Attorney Tom Olsen: Chrissy, sometimes people ask us, "Well, do I need to have a will?" We have a blanket answer that really everybody needs a will but if you had to say, "Okay, Tom doesn't need a will." Let's just say, for example, say, you're a young person 22 years old. You're not married. You don't have any kids. You die without a will. Florida statute says everything goes to your parents. Hey, no big deal.

They might be one small category people that don't need a will, but there's a category of people that do need a will that might be the biggest category people that don't have a will yet. That would be the young couples that have young kids.

Attorney Chris Merrill: Exactly.

Attorney Tom Olsen: Man, nothing can be more important for them because remember if you're a young couple and you've got young kids, I'm talking under the age of 18, you need a will to designate who would be the guardian if something happened to both mom and dad. You need to set up a trust for them so if you both passed away their money would be held in trust and doled out to him typically until age 25.

Attorney Chris Merrill: Exactly. Tom, that must be in writing.