MONEY Tips from the Pros

WATCH: Tips from the Pros: Best Money Advice for Young Parents

Young parents need to do this one important financial thing.

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

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