Essential Factors Young Families Should Consider When Estate Planning

9 February 2023
 Categories: Law, Blog


Most young parents give little thought to estate planning, hoping to do it when they get older. Unfortunately, if death comes at a young age, their young families can be confused about how to handle the estate and other crucial matters. Moreover, in some cases, the kids left behind could be mistreated by those who take up their guardianship. For these reasons, if you are a young parent, you can avoid such issues by hiring a lawyer to help you with your estate planning. Usually, they will advise you to prioritize the following.

The Person Who Will Take Care of Your Kids

As a young parent, the safety and well-being of your kids will be among your top priorities. Therefore, you will want to ensure they have the best care, even after your passing. One way to achieve this is by identifying someone who will care for your kids when you lose your life. Remember that if you don't make this decision while still alive, the court will decide who gets the caretaker responsibility following your death, which may not always be the correct choice. Therefore, contact an attorney and plan for this early enough.

The Person Who Will Manage Your Assets

One of the top reasons for having an estate plan is to ensure that people do not misuse your assets when you die. However, this will only be possible if you appoint a reliable person to manage and distribute your assets accordingly when you pass. Therefore, hire a lawyer to assist you in choosing the right executor (someone in charge of fulfilling your wishes as outlined in your will) for your estate.

The Person Who Will Manage Your Kid's Trust Fund

If you lose your life before your children can make decisions independently, they might need help managing your assets. In such a case, it is advisable to have a reliable trustee to oversee your assets until your children can manage them. The trustee will also distribute your estate according to your plan and wishes. Usually, your lawyer will advise you when choosing a trustee to ensure that you make the right decision.

Putting off your estate planning because of your young age can expose your family to many problems in case of an untimely death. This is why you need to book an appointment with an estate planning lawyer to discuss how to create an estate plan today.