Estate Planning Tips for Young Parents
Young people often do not consider getting their estate plans set, believing it can wait until they are older. But when they become parents, it’s important to at least establish a minimal plan to protect their children in the event of their untimely passing.
The following are a few estate planning tips for young parents to take into account:
Write a will. When writing their will, young parents are likely to be less concerned with who will inherit their assets than they are with who will be their children’s guardians. If you and the other parent were to die or become otherwise unable to raise your children, the guardian would be the person you have raise them in your stead. You can choose to name different guardians for each child. If you do not lay out this information in your estate plan, the court can choose a guardian based on who it deems most fit for the position. You certainly know what’s better for your children than courts do, so it’s important to put guardianship info in your estate plan.
Obtain life insurance. This enters the realm of financial planning, but it’s still important when thinking about how you’ll take care of your children after your passing. Young parents often consider term life insurance, but you can get advice for your own situation by talking to a financial planner.
Establish durable power of attorney and living wills. These documents make matters easier for your family if you were to become incapacitated. They include stipulations for end-of-life care and outline who has the power to make medical and financial decisions on your behalf when you are unable to do so yourself.
Even young people can benefit greatly from estate planning. Contact an experienced Orlando attorney with Gierach & Gierach, P.A. to learn more.