Is Your Family “Too Young” to Need an Estate Plan?

Young families face different estate planning needs and challenges than those who have had a long life behind them. While established families may be concerned about what will happen to their family when they pass on, young, growing families can be more focused on what is happening to their family in the present. And you even may find it hard to justify planning for an “estate” you haven’t yet established! 

But here’s the thing … if you have children, or anyone else you care about, you may not think you have an “estate”, but you do need estate planning.  If you want to ensure your loved ones wouldn’t be stuck in Court and/or conflict if anything happens to you, the only way to do this is to document a plan.

Here are a few estate-planning issues important for young couples to consider as soon as they start a family:

The Care and Custody of Your Children

If you die or become incapacitated before your children reach 18, they will need a legal guardian. To ensure your children are only ever in the care of people you want and you choose, you need  to name both temporary and long-term guardians for your children. Do you have a family member that you know would not be a loving or safe choice for your children? Yeah, lots of people do!

Identifying friends or family as the “godparent” of your child isn’t enough. You need to legally document your choice. Naming just one person or a couple won’t cover it either. Name at least 3 options, in case back-ups are needed. In a post-COVID era, this is more important than ever.  

Also, ensure that you have not just named legal guardians in your Will, for the long-term. If something happens to you and your child is home with a babysitter, or at school, you want to also name local friends or family who would immediately be able to be called upon by authorities. Those people need to have legal documentation on hand to step in and make immediate, short-term decisions for your littles.

I recommend a comprehensive Guardian Guide to ensure there are no gaps, for even a minute, in the care of the people you love most. It's just not worth the risk. 

The Management of Your Children’s Inheritance

Remember, when you die, the assets left to your minor children will need to be managed by someone at least until they turn eighteen. If no one is identified for this task, the court steps in and appoints “professionals” to take over the role, which can cost your children their entire inheritance. In my life and practice, I have seen entire inheritances lost. 

And, it’s totally unnecessary. With just a bit of prior planning, you can keep your loved ones out of the Court system entirely and give total control to the people you know, love and trust.

The Authority to Make Decisions for You

Finally, no matter what your age is, or how big or small your assets are, you want to put in place the documentation that appoints the people you would want making decisions for you, if you cannot make your own decisions.

Once again, the focus here is on keeping the people you love out of Court during what would be a hugely stressful time for them.

Estate planning is a key part of growing up, and showing up for the people you love. So, yes, you may be a young family, but once you’ve become a family, you’re not too young to plan well to make things as easy as possible for the people you love.

This article is a service of Sarah Breiner, Personal Family Lawyer®. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love.  That's why we offer a Family Wealth Planning Session,™ during which you will get more financially organized than you’ve ever been before, and make all the best choices for the people you love. What is a Personal Family Lawyer®? A lawyer who develops trusting relationships with families for life.

You can begin by contacting Sarah today to schedule a Family Wealth Planning Session.