What estate planning goals and objectives should young families pursue? In this article, I answer this essential question.
Families that are just starting out may not feel as though creating an estate plan is a pressing concern. When you are raising a young family, you are busy working and caring for your children, so planning for the future might seem like something you can put off.
However, estate planning can be even more critical for young people. If you want to protect your family, you should start with these goals in mind.
4 Estate Planning Goals and Objectives Young Families Need to Complete
Naming a Guardian for Minor Children
Do you know who you want to raise your children if you and your partner pass away? If one parent passes, the surviving parent will continue caring for the children, but what happens if you both die in an accident? It’s not a pleasant topic to think about, but if you have picked someone you want to take care of your kids, you need to make the decision official.
Naming a Trusted Person to Oversee Inheritance for Minor Children
The purpose of the inheritance you leave your children is to support their financial needs in life. If you have young children, setting up a trust will and naming a person you believe will act in their best interest will help protect their inheritance and their future. Depending on your situation, you may want to choose your children’s legal guardian for this role because they will know your children’s day-to-day and long-term needs.
Purchasing Life Insurance
One of the top estate planning goals and objectives that many parents fail to consider is how their family will make ends meet if they pass away. Purchasing a life insurance policy with adequate coverage is one way to provide for them after you are gone.
When a parent dies, the loss of income can be financially devastating. To avoid a significant change in lifestyle, the surviving parent will need to find a way to make up for it. On top of that added stress, they will also need to make arrangements for childcare, if they were the primary care provider. Taking out a life insurance policy on both parents can help ensure that the family’s needs continue to be met. The proceeds from any life insurance policy you purchase can also help pay for college and other essential expenses.
Establish Health Care Directives and Financial Power of Attorney
If a parent becomes incapacitated, they will need someone to make medical and financial decisions for them while they are unable. Creating a health care directive and naming a financial power of attorney are critical estate planning steps every family needs to take.
Learn How the Law Office of Whitney Thompson, PLLC, Can Help You Achieve Your Estate Planning Goals and Objectives
Need to do a little more research before choosing an attorney to help you with your estate planning? I understand! This is a major decision that could affect your family’s future. Take a moment to learn about my estate planning services, then set up a consultation.
Have any questions about your estate planning goals and objectives? Let me answer them for you. Contact me today.
