Most people don’t spend much time thinking about what will happen to their family and their possessions after they die. Especially not young people. Many people don’t realize the importance of estate planning because they assume it’s only important for old, wealthy people. But it is actually really important for young families, especially when they have minor children. This article explains the reasons every young family should have an estate plan.
Minor children are one of the most important reasons for having an estate plan. What would happen to your children if you and your spouse died or became unable to care for them? An estate plan will allow you to designate a guardian that you trust to care for your kids if anything bad happened. This isn’t pleasant to think about, but it will give you peace of mind to know that if anything did happen to you, your kids would be in good hands.
Even if you’re not wealthy with a lot of property and assets, having an estate plan for your assets will leave less work behind for your family if you pass away unexpectedly. If you have a life insurance or disability plan, you should have an estate plan to designate who will receive the money if you pass away. This is especially important if you have children because that money could go to make sure they’re taken care of. If you do not have these types of insurance plans, it’s a good idea to get one.
If you become too sick or injured to make financial or healthcare decisions for yourself, who do you want to make these decisions for you? With an estate plan, you can designate someone you trust to make these decisions for you. You can also specify your own preferences, for example, if you want to be an organ donor you can specify that in your estate plan.