Why Do Young Couples Need An Estate Plan?
Young couples often overlook the need for a will and other estate planning documents. Estate planning has a tendency to be thought of as need only for older people or just for the wealthy.
More and more, however, estate planning for young couples is becoming necessary and important, especially for those couples with young children. An attorney-prepared estate plan creates peace of mind for the young couples that their children will be taken care of according to their wishes in the unfortunate and unlikely event that the children grow up without their parents.
When creating an estate plan, an attorney will help each individual create his/her own will and clearly lay out the terms of the guardianship of their children and the disposition of their assets after death. The benefits of having a will for young couples are as follows:
- Control. Instead of creating potential disputes amongst family members after you pass away, your will should clearly lay out your desires and mandate that those appointed to enforce your will follow the instructions. Even after you have passed away, you will have control over the disposition of your assets, how and when those assets can be used and the care of your children. In the drafting of your wills, potential trusts can be created for your children to control how, when, why and if your children or their guardians receive the money or assets that you have left for their benefit.
- Naming a guardian for minor children. Probably the most important reason for young couples with children to create a will is to express their desires about by whom their children will be raised if both parents pass away. Naming future guardians and even back-up guardians can give parents great peace of mind that their children will be raised in an environment that they desire. Having your intent clearly stated will also ease the conflict between family members.
- Clarity. Examining your current situation in preparation for the drafting of an estate plan will help you remember how your assets are titled, who the beneficiaries of your life insurance policies are and what assets you have that will pass according to your wills.
Estate planning for young couples can be simple, easy and inexpensive. A typical estate plan includes wills and reciprocal financial and healthcare powers of attorney for each spouse.
Posted by: on: Jul 13, 2015 @ 03:15
