A financial expert explains why even young parents should have a will or trust.

It's difficult enough for a Mom to think about dying, let alone wondering what will happen to your kids. However, in light of Matilda Rose's absence from Daddy Heath Ledger's will, Mom Logic turned to probate attorney and Mom Moira Brennan for what Moms need to do now, in case of tragedy:

Finding a lawyer: While hiring a lawyer can be costly, Brennan recommends having a probate attorney work out your wishes if you own real property or have assets worth more than $300,000. The American Bar Association is one way to look for experienced and insured lawyers in your area. DIY trust kits often leave out important information, said Brennan.

Choose a Caretaker: Make sure to designate someone to take care of children and pets, Brennan advises. When you have chosen your guardian, have a conversation with him or her to ensure that everyone is on the same page. While you may not be thinking of death while preparing for your trip to Tahiti, preparing legal matters before you travel is a wise move. And, if you have important to-dos for the guardian, like raising your kids with a certain faith, putting them in specific schools or even continuing in little league, you can put those in the estate planning paperwork as well.

Will vs. Trust: Brennan recommends doing a trust versus a will. If you do a will, it could take up to 18 months for your children to get their portion of the estate because it has to go through probate. Be sure to choose a trustworthy "executor" or "trust administrator," who will be responsible for distributing the property, assets, etc. outlined in the will or trust. Life insurance: Brennan recommends making your child the beneficiary on the life insurance

plan or placing the money in a trust for the benefit of your child. If you don't have life insurance, you can choose to take a percentage of your assets or a dollar amount for your child's benefit.