The first thing you should ask yourself – is there someone who depends on me? If the answer is yes, then you should think seriously about doing some planning to protect them. Young families are busier than ever. Between work, school, and after-school activities, it can be hard to sit down and find the time to think about the future in the event of illness or an accident. No parent ever wants to plan for death and who would take care of their children. However, things can happen when you least expect it. If you are a single parent, planning becomes even more critical. Not planning could result in disastrous consequences. Even though it is a difficult topic, you really do need to think about taking some basic steps to protect you and your family.
Planning will vary for different stages of life. Having a young family your priority would be to focus on 1) naming a guardian to care for minor children, 2) naming someone to manage the inheritance for the children until they become adults or maybe go through college, and 3) providing instructions for distribution of your assets. You may also want to consider reviewing your short-term life and disability insurance needs.
If you are parents to young children here are a few reasons why taking the time to create an estate plan is essential.
Key things do are:
Having a full estate plan with a trust will provide the most comprehensive protection for your children. Having a will is not enough, because your assets may still end up in probate with the court making the decisions. To make matters worse, probates are long and expensive court processes which will deplete money from the estate.
While estate planning might sound like something that only applies to wealthy people, that’s simply not the case. An estate refers to what anyone might own: banking and investment accounts, real estate, and your possessions. Having a plan in place will provide you with peace of mind that your family will be protected if something should happen to you.
Your full estate plan will include a Trust, Will(s), Health Care Directive(s), Power(s) of attorney and detailed instructions of your wishes. Some things to include in the plan for your young family:
For parents of minor children especially, an estate plan properly ensures that your children will always be in good hands, financially, emotionally, and physically.
Breunig Law provides straightforward and experienced services you can trust. We will deliver counseling, drafting, and execution of a well-thought-out estate plan that will protect your assets and support your families’ unique needs. This will save you and your family money and the stress of court oversight of your family’s affairs. We explain these things in plain language and answer all your questions prior to drafting your unique estate plan.