Reasons a young family should consider estate planning
When people think of estate planning they instantly think of a elderly couple planning for their demise. However, young familes need estate planning just as much if not more than elderly couples for the reasons set forth below.
Young couples with minor children need estate planning in order to nominate a guardian.Estate planning documents may contain a nomination of a guardian for your minor children. Contained within your will or trust you can designate a person (or persons) to provide care for your children, in the event of your untimely death. In fact, you can go a step further and nominate someone to provide care and another separate party to handle your minor child's money.
Take note, that the Court is not absolutely bound by the nomination but the court gives the nomination great preference.
In order for your spouse to receive the entire estate a will may be necessaryIf a person passes after a short marriage the entire estate may not be considered community property due to the length of marriage. For example, if a couple gets married in their early thirties, and then shall untimely pass a few short years later, the property may not pass to the surviving spouse since property may have been obtained before marriage. The best way to guarantee that your surviving spouse will inherit your property is to name them as your beneficiary in your estate planning documents.
Designate someone to make medical decisions for you if you are unableIn the event you become incapacitated you will need to designate a party to make medical decisions. This is usually done via a power of attorney for health care or medical directive.
Peace of mindThis sounds fanciful but may be just as important as any other reason. The fact, that you have taken the time to plan for your loved ones can really bring you peace. The court will enforce your intent, but only if you make your intent known.