Estate Planning for Young Families & Parents: It's Actually More Important Now Than You Think!
Many young families put off estate planning. If asked, they may say they are too young, healthy or 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. 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 prudent and responsible, and it shows your family how much you care.
A good estate plan for a young family will include naming someone to administer the estate (a trustee or executor), naming a guardian to care for minor children, providing instructions for the distribution of your assets, and naming someone to manage the inheritance for the children until they become adults. It will also include reviewing your insurance needs and planning for disability.
You leave a detailed list of instructions for your kids' caregiver even if you are only going out of town for a day or two. What if you were leaving for the rest of their lives? Wouldn't you also want a good set of instructions & guidance for that unfortunate event?