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Why should young couples consider an estate plan?

On Behalf of | Jul 28, 2022 | Estate Planning |

Estate planning is not about determining wealth. It is a way to ensure the fulfillment of your wishes after your death.

Young couples, especially those with minor children, should have a plan to protect their children.

What will happen to your assets?

Without a proper estate plan, if you have children, the court decides what to do with your assets until your child is of age. Then, when the child turns 18, the court distributes all assets, including accounts and property, to your child with no regard for their ability to manage the estate. You can avoid potential missteps for your child and specifically designate when and how to distribute your assets.

Who will take care of your children?

In a will, you can name a guardian to care for your minor children in the event that both you and your spouse die before your children come of age. It is also important to name alternate guardians in case the first individual(s) you name cannot serve at the time for some reason.

What else should you include in your estate plan?

You can include documents listing beneficiaries and your plans for medical treatment should you not have the mental capacity at any point to make decisions for yourself.  Such documents would include having an Advance Medical Directive as well as a Durable Power of Attorney to name who can handle financial situations for you if you are not able to do so.

Children are the primary concern for young couples wanting to create an estate plan. Even with no significant assets, you need a plan to help establish the care of your children in your absence.