While Estate Planning is typically associated with older individuals who have grown kids, it is just as important for young parents with children to plan for their passing. Estate planning is not always a fun topic, especially amongst young parents, but thinking about it now will ensure your kids have a happy and healthy future if the worst does come.
To begin, it is essential for young parents to determine who will get custody of their children if both parents die. Choosing who you believe is the best guardian of your children is the first step in ensuring your children are taken care of in the worst-case scenario. If this is not done, you leave it up to the State to determine who will care for your children, which is not a scenario anyone wants for their child.
Moreover, it is essential for young parents to think about how their assets will be distributed if they pass. While many young parents put off estate planning because they do not have many assets, it is still important to develop a plan for where your assets will go and how they will be distributed. If a plan is not devised, then the State will determine how your assets will be distributed. There are many options to explore when determining how your assets will be divided. For example, you can plan to have a trust which will distribute your assets amongst your heirs.
Additionally, estate planning will help your spouse or significant other plan for your death. Do you want to be cremated or buried? Do you have any specific requests surrounding your funeral or memorial? Well, estate planning can help ensure all of your final wishes are completed.
Estate planning is more than just a Last Will and Testament but also includes things like your Living Will, Health Care Representatives, and Durable Power of Attorney. However, depending on your desires and estate, there can be much more that needs to be done. Ultimately, it is important for all to complete an estate plan, especially if you have young children or are planning to have children. At the end of the day, as a parent, you have to think about what will be the best for your children if the worst were to come. With a proper estate plan, you can determine where your children will go and how your assets will be divided and when. A proper estate plan will also remove some of the stress and planning on those who have to make your final arrangements.
This McNeelyLaw LLP publication should not be construed as legal advice or legal opinion of any specific facts or circumstances. The contents are intended for general informational purposes only, and you are urged to consult your own lawyer on any specific legal questions you may have concerning your situation.