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Pile of money
B.A.E. Inc.—Alamy

In this series of Tips from the Pros, Money taps the collective wisdom of expert financial planners.

If you are a young parent and have kids, you need to make a will. A will does not just delegate where your assets will go; it allows you to decide what will happen to your children should you die. David Mendels says that most young parents neglect to make up a will, but that they should because deciding now where their children will go in the event of their death is preferable to having a court decide for them.

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David Mendels Creative Financial Concepts