You are never too young to get your affairs in order

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:

• Choose a guardian for your child(ren)
• Ensure the financial security of your child(ren), including any life insurance proceeds they may receive
• Appoint someone you trust to manage the affairs of the family
• Avoid putting your family through the stress of a costly and lengthy probate
• Determine who will make medical and financial decisions if you are seriously injured?

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:

• A Trustee will be named to handle the affairs of the trust after you can no longer serve
• A Guardian will be named for minor children
• Instructions for when and how the distribution of your assets will be handled
• Someone will be named to manage your children’s inheritance based on your wishes
• A Health care directive will be prepared in case of serious Illness or accident
• A Power of Attorney to name the person(s) you trust to manage your financial affairs

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.

• Complete Estate Plan Trust packages (Revocable, Irrevocable, Medi-Cal, Special Needs, Charitable, Asset Protection and more)
• Power(s) of Attorney to manage financial affairs when necessary
• Health Care Directive(s)
• Estate Administration to guide and protect the trustee
• Probate
• Reviewing and updating existing wills and trusts

Together we can prepare a plan that works for your current stage of life but adjustable as your circumstances evolve. Contact us today for a consultation at 916-672-2042 or info@breuniglaw.com.