It can be difficult for anyone to think about a time when they may no longer be there for their family members. While it’s not the most pleasant topic to think about or even take action on, it is extremely important to ensure your estate is handled the way you want it to when the time comes, even for young families. In fact, if you have children, it’s even more important to address this important matter before it’s too late.
Ease the Transition
When you have young children, it’s difficult to think about leaving them behind to grow up without you. While hopefully it doesn’t happen, it’s always best to be prepared for the worst. When you go through the estate planning process, it will make this transition much easier for your child because it avoids leaving them in limbo while the court makes these decisions for you. One of the most important elements of your estate planning is to designate who will care for your children if you can’t.
Your Future Care
Estate planning isn’t just about what will happen to your children and your estate if you pass away. In fact, a thorough estate plan will also include naming a medical power of attorney and addressing any potential health care needs in the future. This will all take effect if you are involved in an accident or suffer from an illness that leaves you unable to make decisions regarding your care. It’s also essential to put a living will in place to provide instructions for end of life care, should it become necessary. It’s not the easiest topic to address, but it’s important.
You may have put a lot of thought into how your assets should be divided or maybe you haven’t thought about it at all. Regardless, talking to an attorney about your estate planning allows you to make these important decisions. You can designate who will receive your belongings and any money you may have. Even if you do leave a majority or all of it to your children, you may still need to designate a trustee to handle these matters if something happens to you before your children are adults. Creating a trust fund for your children ensures no one else can use the money for purposes other than for their care or needs, as well as gives them the support they need in the future.
Estate planning is essential, no matter how old you are. This is especially true once you have started a family. While it’s not pleasant to think about something bad happening or a time when you won’t be there, it’s a necessary element to protect your children and make sure matters are handled the way you want. Talking to an experienced attorney ensures everything is in order and legal so you can rest easy knowing if something were to happen, your children will be in good hands and everything will be taken care of.