You got married, bought a house and started a family. Everything is going right for you. Then, in a split second, you just managed to miss a high-speed collision. It was shocking, but it shows you how quickly your life can change.
After that kind of incident, it makes you realize how important estate planning is. If something were to happen to you and your spouse, who would take care of your children? What bills would need to be paid or creditors satisfied?
These are great questions to address in your estate plan. Your attorney can help you with things like setting up a trust for your child or children and making sure your life insurance pays out to it upon death, protecting the money for your child's future.
Whether you're in your 20s, 30s or even your 40s, it's never too late to start making your estate plan. Things like your Power of Attorney, health-care proxy, will and trusts will be included. Additionally, you can have an advance directive that comes into play if you fall ill and cannot make decisions for yourself any longer.
Overall, there is every reason to have an estate plan and few reasons not to have at least a will and guardianship set up for your children. Without a will to state your wishes and guardianship already appointed, your children will have to wait for a guardian to be appointed by the court, which gives you no control of the outcome.
Our site has more about estate planning and what you can do to begin.