Many younger parents, currently experiencing their first Easter as a new family, have often questioned the need for an estate plan. While the estate planning needs of young families may be different than those of well-established families, there is always someone in your life that needs your protection. Proper estate planning will ensure those you care about are protected and don’t get stuck in court or face potential conflict if something ever happens to you. We’ve found the following estate planning components are important for young couples to consider as soon as they start their family (even without high-value assets):
The Care and Custody of Your Children
If you die or become incapacitated before your children reach eighteen, they will need a reliable legal guardian. To ensure they are taken care of by the people you want, it is imperative to name guardians for your children–legally.
Without a legally enforceable directive to document your guardianship choices, the court may not honor your wishes. Simply identifying “godparents” for your children is NOT enough. If something happens to you and your child is home with a babysitter, or is at school, you should have a documented emergency plan in place. It is important a temporary guardian has legal documentation on hand to step in and make immediate, short-term decisions for your child in your absence. We also recommend naming multiple individuals just in case backups are needed. Our firm’s comprehensive Child Protection System (CPS) Toolkit helps ensure there are no gaps, even for a minute, regarding the care of your children.
The Management of Your Children’s Inheritance
Remember, if something should happen to you, assets left to any minor children will need to be managed by someone – at least until they turn eighteen. If no one is identified for this task, the court steps in and will identify someone to take over the role, which could be costly or detrimental to your child’s inheritance.
The Authority to Make Decisions for You
Finally, it is important you have the proper documentation in place appointing the people you want making decisions for you should something ever happen to your capabilities.
Once again, no family is ever too young to make these important decisions for the ones they love most. Estate planning is a key part of growing up and helps protect your family from running the gauntlet of the court system.
How We Can Help
At Weygandt Law, we don’t simply draft documents; we help you make informed and empowered decisions about life and death—for yourself and those you love. If you are wanting to take the first step in your estate planning journey, sign up for one of our estate planning workshops, where you will be guided through our process while indulging in whiskey, wine, or waffles.
