The process of estate planning is sometimes looked upon as something that is only relevant to people who have reached an advanced age. This is an extremely shortsighted way of thinking, because you plan your estate to protect the people that you love.
When you are a senior citizen, if you have children, they will usually be grown in their own right. As independent adults, inheritances will be appreciated, but your support is probably not going to be absolutely necessary. On the other hand, if you are a younger adult who is the parent of a dependent child, things are entirely different.
During our current era, most young couples with children depend on two incomes. What would happen to your spouse or significant other if you were to pass away unexpectedly? Where would your family be financially?
If you and your spouse were to pass away together in an accident, what would become of your children? Who would take care of them? Could surviving family members have different ideas with regard to guardianship?
These are all profound questions that parents of minor children must ask themselves. Those who assume that estate planning is not relevant to them because they are not old may want to reconsider their perspective.
Devise a Personalized Plan
As soon as you become a responsible adult in your own right, you should work with an estate planning attorney to devise a personalized estate plan. When life changes occur, such as marriage and child birth, you are going to want to alter your financial perspective and update your estate plan to reflect your new family dynamic.
If you are in a position to start saving a nest egg for your family to draw from in the future, that is a good start. Most people are not going to be able to save an enormous amount of money in a short amount of time, so you should also have life insurance to replace your income in the event of your passing.
When it comes to guardianship, you could nominate a guardian of your own choosing when you create your estate plan.
These are the basic safeguards, but there are other things that you would want to take into consideration that would affect people of any age. Each situation is different, and this is why personalized planning is very important, because there is no one-size-fits-all estate plan.
Do the Right Thing
It is easy to procrastinate as the days pass, even if you know that you should have an estate plan in place for the protection of your minor children. At the same time, if something unexpected happens, your loved ones could find themselves in a devastating situation all around.
Action is required if you do not have an estate plan. If you are ready to get started, send us a message through the following page to set up a free consultation: Grand Forks ND Estate Planning Attorneys.