Estate Planning Is Not Just For Grown Ups

More recently, I have focused my outreach on young families. Quite simply, it is the demographic about which I feel most passionate. I frequently meet and talk with young parents who do everything they can to meet the needs of their children, but give no thought as to who will provide that attention and care to the children should the parents become incapacitated or pass away.

It is unlikely that a catastrophe will befall the parents, but unforeseen things can and do happen, and we have a duty to continue to provide for and protect our children, even when we are no longer physically able. Wills are the best way to ensure that our children are cared for by the individuals we select. It is the best way to ensure that a child’s inheritance is funneled into the proper trust and managed by an appropriate trustee. Responsible and caring parents always consider the needs of their children, and that includes contemplating who will care for them as guardians, if they no longer can.

Powers of Attorney documents are also important for young families for the same reasons noted above. Naming spouses and alternate agents to manage finances is a person’s best prospect of avoiding guardianship litigation. Again, it is rare that a 20-something or even a 40-something will experience a tragedy that leaves them incapacitated, but it does happen.

Don’t learn these lessons the hard way, contact one of our seasoned attorneys to discuss your estate planning needs.