Your children could be placed into the care of strangers while the authorities figure out what to do (yes, even if you have a will in place and even if you have a living trust). It’s true that this would likely only be temporary, but trust us: you never want your children in the arms of strangers, not even for a minute.
Your children could be put into the custody and care of someone you would never want, like that one family member who has good intentions, but you’d never want raising your kids.
A judge who doesn’t know you, or your family, will decide who will raise your kids, even if it’s the last person you would ever want.
Your family could get into a long, drawn out custody fight or there could be a challenge to the guardians you have designated.
Up to 5% of the value of your assets could be lost to court costs and other unnecessary fees through the probate process, a court process that can tie up your assets for years and deprive your kids of the resources they need to live comfortably, which can totally be avoided with advance legal planning.
When your kids turn 18, they get a check for whatever assets are left, no matter how immature they might be or what financial lessons they have not had a chance to learn yet.
Unscrupulous people out when 18-year olds are getting that inheritance check by searching the public records.
Unfortunately, the vast majority of estate planning attorneys do not address these issues and do not plan from a parent’s perspective.