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Why does a young family need an estate plan?

| Sep 6, 2019 | Estate Planning |

Estate planning can start young, and it should start young if you have a family. One of the most important parts of a younger family’s estate plans is naming someone to administer the estate and to establish a guardian for minor children in the case of your death or impairment.

It can be difficult to think about some of the situations that you have to talk about in an estate plan, like passing away young or having to think about who you’d want to have raise your children, but doing this now can prevent a lot of trouble in the case that you are unable to make these decisions later.

Did you know that as many as 64% of Americans don’t have wills?

Without a will, there are no directions for those who are left behind following your death. You will not have established a guardianship for your children and won’t have your estate plan in place to keep your estate out of probate.

When you speak with your attorney the first time, it’s important that you establish the most necessary parts of your estate plan first. This includes choosing a guardian for your children and setting up life insurance or a trust for your children, so they can be cared for if you are unable to provide for them in the future due to death or illness. Your attorney will walk you through the steps of adding this information to a legally recognized document, so your wishes are upheld following your death. Remember, you can appoint one or more guardians, so that there is always someone who will care for your children.