Unfortunately many of us put off preparing our wills, or other estate planning tools until it is too late.
A young couple, especially one with children, should at the very least have prepared wills, and the supporting power of attorney documents, to protect one another and their families in the event of an accident that incapacitates them.
Young parents should reflect upon who they wish to care for their children in the event of a common accident. They should also determine who would best protect the financial resources of the children. This might be the same person, but then it might not be, and it is imperative that a couple discuss these important issues.
If you are in a common accident, your medical powers of attorney should reflect whom you would want to make medical decisions on your behalf. Think these things through and talk about them between yourselves.
We all think that accidents will only happen to "the other guy". Planning ahead can only make the circumstance better for your children, and extended family. It is important to let your wishes be known, in writing. That's what a will can do for parents of children under 18.