Many young families put off estate planning. They believe that simply because they are young, healthy, and don’t have a lot of assets, that there is no need for estate planning. But disaster can strike anyone at any time. Young families still require estate planning specifically because others are depending upon them.
Of course, nobody expects to die or incapacitated while they are young. But having an estate plan is the prudent thing to do because the possibility exists and will show your family how much you care.
Young families have different estate planning needs than the elderly and retired. Typically, the young family will have a modest amount of assets but great earning potential. They also have young children who will not be able to manage their estate for themselves.
Good estate planning for a young family will include naming of guardians for your children and stating your wishes on how they should be raised. It will also include an administrator of the estate to manage the estate until they are mature enough to manage their finances on their own.
Parents of young children should consider drafting an estate plan that ensures their children are taken care of and their estates are used on their children’s behalf.
Contact Yeager Law with any questions, concerns, or comments.