The first time that most people approach the subject of creating an estate plan is when they have some sort of a family member that might be relying on them financially. The most common situations for this include a spouse or a new child.
A young married couple with a newborn baby might recognize that they need a will, but they might not understand how a will can be leveraged appropriately with the support of an estate planning attorney to accomplish family related goals.
Younger couples, including those with minor children, should have at least two concerns, including:
- Who will become the guardian of the children if both parties pass away?
- How will the children be supported financially after they are gone?
The execution of a will enables parents to name a guardian for their young children if they pass away while the children are still minors. There are many different factors to consider in selecting an appropriate guardian for your minor children. Executing a will also helps to accomplish the second task of allowing the couple to specify how they want property to be distributed after their death.
Most people assume that the will in and of itself is enough to accomplish their estate planning goals, but as many young families can attest, it goes farther than this and might often require other documents and estate planning strategies.
This is where it becomes extremely important for an estate planning attorney to assist in the process of helping this young family adjust to their new and exciting circumstances.