There’s a common misconception that estate planning is mainly for the elderly, but the fact of the matter is that if you care about what happens to your property and your loved ones if you pass away, then you should create an estate plan regardless of your age. Youth, unfortunately, does not make us invincible, so it is responsible to have a plan in place for the worst case scenario. In today’s blog post, we’re discussing our tips for young families who want to safeguard their futures.
- Choose the right guardian for your children.
In your estate plan, you can express your wishes regarding who should care for your minor children if anything should happen to both parents. While it is difficult to imagine a world in which you are not the one raising your children, you should put some serious consideration into this decision. Some factors to keep in mind include:
- The stability of a couple’s marriage (for example, if you are thinking about choosing your sister and her husband, but suspect their relationship is on the rocks, you may want to reconsider)
- Their age (for example, many people initially choose their own parents, but then realize that by the time their child is a teenager, their parents will be quite elderly and may not be up to it any longer)
- Their location (Will your child have to move far away? Change schools?)
- Their religious beliefs and moral values
- Their willingness to take on the immense responsibilities of raising a child
- Don’t just plan for your death. Also plan for incapacity.
Estate planning can go beyond just making a plan to be implemented if you die. It can also make arrangements for incapacitation. What would happen if you were in a coma and could not express your wishes regarding your medical treatment? You can use a living will and advance healthcare directives to make your preferences known. You can also set up a durable power of attorney to grant someone you trust the ability to manage your financial affairs if you are incapacitated.
- Work with an attorney.
Many young people make the mistake of trying to create an estate plan on their own, using online form wills. This can lead to many problems. The will may not be valid in your state, or the language you use might not do what you intend for it to do. It is incredibly important to have an experienced estate planning attorney’s guidance to make a cohesive plan using a variety of legally binding documents.
The Solan, Park & Robello team is here to help you with all of your estate planning needs. We understand the importance of protecting your property and your loved ones for the future and want to help you do it the right way. Contact us today to get started!
Solan, Park & Robello
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