Is Your Family "Too Young" to Need an Estate Plan?
Young families face different estate planning needs and challenges than those who have had a long life behind them. Here are some estate-planning issues for them to consider.
The Care and Custody of Your ChildrenxIf you die or become incapacitated before your children reach 18, they will need a legal guardian. To ensure your children are only ever in the care of people you want and choose, you need to name both temporary and long-term guardians for your children.
Identifying friends or family as the “godparent” of your child isn’t enough. You need to legally document your choice. And, naming just one person or a couple won’t cover it either. Name at least 3 options, in case back-ups are needed.
Also, ensure that you have not just named legal guardians in your Will, for the long-term.
If something happens to you and your child is home with a babysitter, or at school, you want to also name local people, friends or family, who would immediately be able to be called upon by authorities. And, those people need to have legal documentation on hand to step in and make immediate, short-term decisions for your littles.
We recommend a comprehensive Kids Protection Plan® to ensure their are no gaps, for even a minute, in the care of the people you love most.
The Management of Your Children's InheritanceRemember, when you die, the assets left to your 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 appoints “professionals” to take over the role, which can cost your children their entire inheritance.
And, it’s totally unnecessary. With just a bit of prior planning, you can keep your loved ones out of the Court system entirely and give total control to the people you know, love and trust.
The Authority to Make Decisions For YouFinally, no matter what your age is, or how big or small your assets are, you want to put in place the documentation that appoints the people you would want making decisions for you, if you cannot make your own decisions.
Once again, the focus here is on keeping the people you love out of Court during what would be a hugely stressful time for them.
Estate planning is a key part of growing up, and showing up for the people you love. So, yes, you may be a young family, but once you’ve become a family, you’re not too young to plan well to make things as easy as possible for the people you love.