Why Young Parents Need An Estate Plan, Estate Planning
Do younger parents need estate plans?
It is a common misconception that a Last Will and Testament is only for grandpa sitting in front of the fireplace deciding what his children and grandchildren will receive once he is gone. Although it is important for grandpa and grandma to do so, it is just as important for young parents to also do estate planning. It may be difficult to imagine we are not immortal when we gaze into our little ones’ eyes, but the reality is that we are not. We bank our baby’s cord blood, we set up college funds before our babies are out of diapers, but we often forget to make our wishes known to our loved ones in case of an emergency that can occur outside of the natural order of things.
Without a Last Will and Testament, most families will fight over who will get to be Guardian of minor children or how to manage inheritances for children not old enough to manage them on their own. At the very least, all parents should have a Last Will and Testament naming guardians and/or successor guardians of minor children and establishing testamentary trusts for underage beneficiaries to manage and preserve assets for the children’s best interests. Don’t leave your family plans to chance and state intestacy laws; don’t make an already difficult time even more unpredictable; make sure your wishes and values are clear, understood and honored – call to schedule a free consultation today and keep your children’s future under your guidance.
Designate a guardian in your estate plan documents: don’t leave something so important to chance.