Why Young Families Need Estate Planning
If you have a young family, estate planning might be far down your to-do list. You are probably focused on watching your child hit milestones like crawling and walking, losing their first tooth, and other exciting achievements.
Estate planning might not be a top priority. However, this is essential to start thinking about – even when your family is young.
You Need to Choose Your Children’s Guardian
If the unthinkable were to happen and both parents die, you need to know that your children are taken care of. Selecting a guardian as part of your estate plan allows you to choose your children’s caretaker and can save your family stress and pain. Selecting a guardian as part of an estate plan can be the best way to guarantee your children go to the person you selected. Otherwise, the court might name your children’s caretakers for you.
Selecting your children’s guardian is an important decision and it should not be taken lightly. Who is up to the task of caring for them? Who are your children close to? Whose values are similar to yours? These should be weighed when choosing a guardian. An estate planning attorney can assist you in determining the criteria and what to consider when selecting a person.
You Need to Ensure Your Children Are Financially Secure
If you have a young family, you might not think you have enough wealth to justify setting up an estate plan. However, you might have more assets than you think.
An estate planning attorney can help you identify your property and assets that should be accounted for in your estate plan. They can also advise you on what plans to put in place now – such as a life insurance policy. Your attorney will also assist you in properly designating your beneficiaries to ensure the benefits go to the right people.
You Can Help Your Family Avoid Probate With Estate Planning
Creating an estate plan can help your family avoid probate after your passing. This can be a time-consuming and expensive process where the court distributes your assets. You can avoid this by instead creating an estate plan that properly lists all of your assets and who they should be given to.
You Need to Appoint an Executor
It’s never too early to appoint an executor to your estate. This person will help manage your estate until your young children are adults. They will ensure your children receive the money and assets they inherited. This can include your retirement account, house, and other property. When choosing an executor, it should be someone you trust to properly take care of the estate and ensure it’s distributed according to your wishes.
Keep Your Tax Liabilities Low
Establishing an estate plan can help your loved ones avoid taxes on your assets. Using an estate planning attorney, you can make sure your tax liability is minimal, and that all assets are distributed in a tax-efficient manner.
Why Hire Us For Estate Planning Help
If you think you are too young to create an estate plan, you should reconsider. Get help from the estate planning experts at Johnstone Adams LLC to make sure your children are taken care of after your passing – both physically and financially.
Ranked in the 2023 U.S. News – Best Lawyers® “Best Law Firms” list regionally in 12 practice areas, we have experts in many areas of law to give our clients top-notch representation. In business for more than a century, our firm can mix its experience with the ability to evolve with the changing times.
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Only a few special law firms in the U.S. have provided exceptional representation to businesses for more than a century. Johnstone Adams, LLC is one of these rare, distinguished firms. Since 1897, the firm has successfully advanced from a local firm serving South Alabama into a dynamic regional powerhouse equipped to fulfill most legal needs of its diverse client base.
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