Did you know that 92% of Americans under the age of 35 (prime parenting age), do not have a will? When asked why they do not have a will in place, young adults say they are too young, healthy, or simply can’t afford it. Some have trouble just thinking about what could happen if they should die while their minor children and spouse are depending on them emotionally, mentally, and financially. But even a healthy, young adult can be taken suddenly by an accident or illness, and those with young families need estate planning precisely because others are depending on them.
Of course, you are not expecting to die while your family is young, but planning for the possibility is being sensible and responsible, and it shows your family how much you care about them by planning for their future. There are 4 main reasons why every young family needs a good estate plan including:
1. Choose a Personal Representative.
This person, trust, or company, will be responsible for handling your final financial affairs and winding up your affairs after passing. A personal representative will be responsible for locating and valuing assets, paying bills and any taxes due, distributing assets, and or hiring an attorney and other professional advisors. This person, trust, or company, should be someone who is trustworthy, willing, able, knows you, and will carry out your wishes.
2. Appoint a Guardian for Minor Children.
If something happens to one parent, the other parent will continue to raise the children (unless he or she is physically or emotionally unable to do so, or a court intervenes). But who will raise them if something happens to both parents? This is often a difficult decision for parents, but it is very important because if you have not named a guardian, the court will have to appoint someone without knowing your wishes, your children or your family members.
3. Make Property Management Arrangements.
Most married couples want their personal and real property to go to the surviving spouse if one of them dies. If both parents die and the children are young, they want their assets to be used to care for their children. Some assets will transfer automatically to the surviving spouse by beneficiary designations and how title is held. However, an estate plan is still needed in the event this spouse becomes incapacitated, or dies, so that the personal and real property can be used to provide for the children. A will allows you and your spouse to provide instructions for the distribution of your assets and to name someone to manage the inheritance for your minor children until they become adults.
4. Peace of Mind.
Estate planning will require you to think about family relationships and some decisions may be difficult. But an experienced estate planning attorney will be able to help you through the process, provide valuable guidance and make sure your plan will do what you want when it is needed. If you are in a tight financial situation, which many young families are, start with the most essential legal documents including a last will and testament and term life insurance, then update and upgrade your plan as your financial situation improves. The most important thing is to not put this off. Once your plan is in place, you will have peace of mind that your family will be protected if something should happen to you. At Subhan Law Office, LLC, we make estate planning easy, convenient, and affordable, you have the ability to draft your will and or create a trust all online. We offer wills for $149! Start your estate plan today!