Estate Planning for Young Parents

Do you have young children? Do you know someone who does? Most young families don’t think much about estate planning. I know, I have young children and I have lots of other things to worry about. However, young parents have a very good reason for making estate preparations: their kids.

1. Be sure your spouse gets what you both want. In the event your spouse survives you, a properly prepared will can ensure your property stays with your spouse, instead of going to a former spouse, your children or some other person. In short, preparing a will NOW will make certain your property goes where you (and your spouse) want it to go.

2.  Choose who cares for your kids. In the event both you and your spouse die at the same time, you want to be sure the right person (or people) care for your kids. If you don’t select someone to care for your children through a properly prepared will, a court will. And you won’t be around to do anything about it.

3. Make sure your kids are raised the way you would have wanted. A will allows you to place conditions on those selected to raise your children. Do you want to be sure they are raised in a particular faith? Do you want to be sure they live in a particular place? Do you want to have a say in how your money is spent on their behalf? You can do that, if you plan ahead.

In short, failing to plan is planning to fail when it comes to your family. If you take some time now, you can be sure your family is cared for in the event of an untimely death. Obviously, each family’s situation is very unique – depending on, among other things, available benefits, life insurance, real estates assets, and personal and religious preferences. Be sure to discuss your situation and desires with a qualified attorney so that you can be certain what you want is what you’ll get. Then everyone can sleep a little easier.