Young couples celebrate many firsts together. Their engagement. Their wedding. Their first home together. Their first baby. Their first estate plan – yes, an estate plan is an important milestone a young family should plan for. Building a life together is joyful, but it can also be stressful and expensive. Nothing is more important to young parents than protecting their family. For parents, a critical part of protecting their family is protecting their young children in case the unexpected happens – one or both parents dies.
No one likes to think about their own death. Estate planning is planning for the unexpected. No one likes to think of their own death, particularly young parents. Here are three key reasons a young family needs an estate plan.
1. Who Will Take Care Of Your Kids?
Have you told your closest family and friends your preferences for your children’s education, sports participation, religious upbringing and other key parental responsibilities? A will or trust provides young parents with security and peace of mind, knowing their wishes and goals for their children’s future will be made known to their beneficiaries, family and legal representatives.
2. Legal Guardianship In Case of Death or Incapacitation
The foundation of parenthood is protecting your children and preparing for the unexpected. If something happens to young parents and there is no will or other legal document that states their child custody wishes, the courts are likely to grant custody to a close relative. In some cases, parents do not want their children’s closest biological relatives to have custody of the children. Guardianship papers let parents choose an estate guardian to take custody of their children and provide appropriate care.
If young parents are incapacitated or unavailable due to illness, extended travel or other reason, a guardianship gives someone the legal authority to care for and make decisions for their children during their absence.
3. Preserve Your Financial Assets
In the event of your death, your children’s financial security needs to be protected. Your estate plan should identify who will manage any financial or other assets your children will inherit. This could include property, retirement accounts, insurance policies, social security benefits and other sources of income and financial support.
A young family likely has little experience with estate planning but has a lot to protect. Prepare for the future and the unexpected by contacting an experienced estate planning attorney at Estate & Probate Legal Group in Lombard Illinois at 630-687-9100. We service Cook, Dupage, Kane, Lake, and Will counties.
