Is Your Family “Too Young” To Need An Estate Plan?

Is Your Family “Too Young” To Need An Estate Plan?

Young families face different estate planning needs and challenges than those who have had a long life behind them. While established families may be concerned about what will happen to their family when they pass on, young, growing families can be more focused on what is happening to their family in the present. And you even may find it hard to justify planning for an “estate” you haven’t yet established!

But here’s the thing … if you have children, or anyone else you care about, you may not have an “estate”, but you do need estate planning, if you want to ensure your loved ones wouldn’t be stuck in Court and/or conflict, if anything happens to you.

Here are a few estate-planning issues important for young couples to consider as soon as they start a family:

The Care And Custody Of Your Children

If you die or become incapacitated before your children reach 18, they will need a legal guardian. To ensure your children are only ever in the care of people you want and choose, you need  to name both temporary and long-term guardians for your children.

Identifying friends or family as the “godparent” of your child isn’t enough. You need to legally document your choice. And, naming just one person or a couple won’t cover it either. Name at least 3 options, in case back-ups are needed.

Also, ensure that you have not just named legal guardians in your Will, for the long-term.

If something happens to you and your child is home with a babysitter, or at school, you want to also name local people, friends or family, who would immediately be able to be called upon by authorities. And, those people need to have legal documentation on hand to step in and make immediate, short-term decisions for your littles.

We recommend a comprehensive Kids Protection Plan® to ensure their are no gaps, for even a minute, in the care of the people you love most.

The Management Of Your Children’s Inheritance

Remember, when you die, the assets left to your minor children will need to be managed by someone at least until they turn eighteen. If no one is identified for this task, the court steps in and appoints “professionals” to take over the role, which can cost your children their entire inheritance.

And, it’s totally unnecessary. With just a bit of prior planning, you can keep your loved ones out of the Court system entirely and give total control to the people you know, love and trust.

The Authority To Make Decisions For You

Finally, no matter what your age is, or how big or small your assets are, you want to put in place the documentation that appoints the people you would want making decisions for you, if you cannot make your own decisions.

Once again, the focus here is on keeping the people you love out of Court during what would be a hugely stressful time for them.

Estate planning is a key part of growing up, and showing up for the people you love. So, yes, you may be a young family, but once you’ve become a family, you’re not too young to plan well to make things as easy as possible for the people you love.

As your Personal Family Lawyer®, we will help you make the very best financial and legal decisions throughout your life, and for the beyond.  Far from being a morbid task, estate planning can give your young family the peace of mind, confidence, and security you desire when  it comes to the future well being of all members of your family.

This article is a service of Tim Hurban, Personal Family Lawyer®. We don’t just draft documents, we ensure you make informed and empowered decisions about life and death, for yourself and the people you love.  That’s why we offer a Family Wealth Planning Session,™ during which you will get more financially organized than you’ve ever been before, and make all the best choices for the people you love. You can begin by calling our office today to schedule a Family Wealth Planning Session and mention this article to find out how to get this $750 session at no charge.

Written by Tim Hurban

I am an estate planning attorney that serve the people of Georgia and Michigan who want to ensure that: When a person dies, their assets go to the people they love rather than the government; As soon as they are incapacitated, only the people they trust will be able to make decisions about their finances and health; If the worst happens, their minor children are raised by the people they want in the way they want; They don’t end up in court or in conflict with their loved ones after they die; Their children were not left with the burden of difficult decisions that need to be made after their death, or as they are dying; and They’ve made their mark in this world and lived a life of significance. Despite my experience working with a variety of clients, one lesson stands out above all others: death is inevitable My first step towards helping you prepare is a meeting called a Family Wealth Planning Session. Learn more by visiting our website at www.hurbanlaw.com or come visit us on 1755 N. Brown Rd, Suite 200, Lawrenceville GA 30043 or call Tim Hurban on 404-817-1663.

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