March 6, 2017

Many younger families put off the process of engaging in estate planning or consulting with an attorney because they think they are too healthy, too young or simply cannot afford it. Others may have trouble thinking about what might happen to their family members if something were to happen to them. This is particularly true of parents of new children. 

While no individual is expecting to pass away while their family is still relatively young, planning for the possibility is responsible and can give you a great deal of peace of mind about what would happen to your family if something happened to you. Some of the most important steps involved in estate planning for a young family include:

• Naming a guardian for your minor children
• Naming a trustee or executor for your estate
• Naming someone to manage your children’s inheritance
• Outlining instructions for the distributions of your assets
• Planning for disability
• Reviewing your insurance needs
• Having a plan in place that can be adjusted based on your individual concerns and needs

Consulting with a knowledgeable estate planning attorney will give you a place to turn when you have questions and ensure that you have an estate plan that is evolving with relevant state and federal laws as well as your unique family needs. Major family events such as the birth of a new child, a divorce or a remarriage can all trigger unique estate planning consequences and having an attorney who is already familiar with you and your family can help you adjust quickly so that your family is always protected. Planning ahead for disability as well as other health insurance concerns are some additional benefits of estate planning that go beyond thinking about what might happen when you pass away.