Estate planning is an important tool that everyone should utilize, regardless of how old they are and what their family and financial picture look like. However, young families have some special considerations to make when setting up their estate plan. Without specifically designating what guardians for your minor children, or setting up trusts for them, you may be leaving their futures totally up to chance.
Stafford Law Firm is here to help make sure you have considered everything when creating your estate plan. We understand the intricacies and emotional challenges many young families face when undergoing estate planning for their future and want to make this process as easy as possible.
If you are looking to begin estate planning, or need to update an existing plan to make sure the additions to your young family are included, give us a call right away.
No matter the details of your family structure, how old you and your partner are, and what your financial picture looks like, you should have an official estate plan in place.
Whether you realize it or not, everyone already has an estate plan. The state has a process it will follow anytime someone passes away without another plan in place. This will cause your family to have to deal with the challenging and heartbreaking probate process and will likely not end up inheriting your estate in the way that you envisioned. If you have minor children, this may even result in their care falling into the hands of someone you don’t completely trust.
In order to help your family avoid this outcome, you will need to put an estate plan in place that takes your wishes into account. Guardianship designations, family trusts, powers of attorney, and wills are all important documents that young families need to consider for their estate plans.
Many parents want to start saving early for their children’s futures and would even like to pass on some of the assets before they pass away. Setting up trusts or educational savings plans are a great way to provide a solid foundation for your children’s financial future.
You want to work with a lawyer that’ll take the time to develop a personal relationship with you. They should take the steps necessary to fully understand what it is that you want for your family’s future, and what legacy you would like to leave behind.
The challenge comes from the unimaginable number of scenarios you want to prepare for with your estate plan.
If you were to become suddenly ill and unable to take care of yourself and your young family, what would you do? Who would be responsible for taking care of you and your children?
Who would make important health and financial decisions on your behalf? Without a documented plan, the courts would have the ability to designate a guardian or a conservator without regard to your wishes. They will also be responsible for naming a guardian for your children if necessary. This is something that parents hate to think about but is crucial to be prepared for.
In order to be certain that your young family is protected and that your children and other loved ones will inherit the portion of your estate that you intend to leave for them, you will need to make sure your estate plan is thorough and covers all of your bases. Here at Stafford Law Firm, we have the knowledge and experience necessary to make sure your estate plan protects your family in the way that you desire.
Every time your family tree changes, part of your celebration should include updating your estate plan. Whenever you bring new members into the family, or whenever your financial picture changes drastically, you will want to reevaluate your estate plan.
Having an estate planning lawyer you trust and who has a full understanding of your wishes for your estate plan makes keeping it up to date easier than you might imagine. Every time something in your family changes, you can simply call us up, let us know of the exciting change, and we can work with you to make sure your documents reflect this change and any impact it has on your estate plan.
Your estate plan needs to evolve as your family grows and changes. Allow us to help you create a plan that will be there when your family needs it most. Regardless of the structure of your family, the extent of your wealth, and your dreams for the future — Stafford Law can help you prepare.
You are never too young to create an estate plan. Estate plans are important for young families to consider, particularly when they have children or are thinking about having children. Many people wrongly assume that estate planning is only for people who are extremely wealthy or are much older. The fact of the matter is that an estate plan is critical to making sure your family is protected in case something were to happen to you.
Without an estate plan in place, a court will be responsible for determining who will care for your minor children if the unthinkable happens. If you know who would be the best fit to be a guardian for your children (such as your parent, sibling, other relative, or close friend) you will need to have this documented in your estate plan. Just telling someone that you wish them to be your child’s guardian is not sufficient. The correct documents need to be in place well before anything happens.
Setting up a trust for your children is an excellent way to pass along your legacy and help make sure they have some financial security in their future. A trust can help them pay for college or even cover a down payment on a house. The best way to go about setting up a trust is to work with an experienced estate planning attorney. They will be able to make sure you set up the correct type of trust and that trustees and beneficiaries are correct.