When you’re young, estate planning is often the furthest thing from your mind. But if you’ve started on a new life with a spouse or a partner—and especially if you have kids—it’s never too early to start thinking about your future. Estate planning for young parents comes with some unique wrinkles, but by working with an experienced professional, you can ensure that your family is well protected.
Legal Documents for Parents
Wills and Trusts
If you’ve recently started a family, now is the time to start looking ahead to your children’s future. Many young people put off writing a will or setting up a trust because they feel that they don’t own enough assets. The fact is that most people have far more assets than they think, and if you don’t draw up an estate plan, you can leave your kids unprotected. For younger parents, writing a will is the easiest way to make sure your children are taken care of, but a trust may also be a good option. Setting up a trust allows you to set certain conditions to protect your children while also considering their future. Trusts are an especially smart option if you have children with special needs.
Powers of Attorney
A power of attorney allows you to authorize someone to act on your behalf should you become incapacitated or otherwise unable to make your own decisions. Common types of POAs include financial and healthcare directives which allow a trusted individual to carry out your wishes when it comes to your monetary decisions and your medical care. Another document that you may want to fill out is a living will. A living will provides more detailed instructions about your end-of-life care than a simple power of attorney. Completing these documents will make things much easier for your family should tragedy strike.
Guardianship for Children
When it comes to estate planning for young parents, one of the most important decisions is who will look after your kids if something should happen to you. Leaving your kids’ future in the hands of a trusted individual is essential to your peace of mind. The law allows you to name a guardian who will look after your kids as part of your will. If you do not specify a guardian, you leave the decision up to the court and you will have no input into who they pick. Some important considerations when it comes to selecting a guardian include the person’s financial situation, their level of responsibility, and how close they live to you.
Contact Miller Estate and Elder Law
If you have any questions about estate planning for young parents or any aspect of the estate planning process, do not hesitate to contact the experienced attorneys at Miller Estate and Elder Law. Give us a call today at (256) 251-2137 or fill out the form below and start protecting your family’s future.
For more information, please check out our e-book, 10 Legal Strategies Every Parent Should Know.
