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You May Not Have An Estate, But You Do Need Estate Planning

June 22, 2022

It is common for young married couples and young families to feel as though they do not need an estate plan. The reality is that you are never too young for an estate plan. While a younger family’s estate plan will look entirely different from a family that has been established for a while, it is still important to have. It really comes down to this; if you have anyone in your life that you care for and want to be properly taken care of in the event of your death (or in the case of your incapacitation, for you to be properly taken care of), it is crucial that you create an estate plan. Doing so will ensure the protection of you and your loved ones along with the proper distribution of your assets. Listed below are a few issues young families and couples without established estate plans should consider:

1.         Children under 18 need a legal guardian, so without an estate plan, your children would be appointed to an adult without your preference or choice. You must name both temporary and long-term guardians for your children. This should be done as soon as possible in case of a sudden death of you and the other parent of your children. This needs to be legally documented. You should create a Kids Protection Plan to ensure your children’s protection immediately when needed.

2.         Whatever you want your children to inherit from you, will need to be legally in the care of an adult until your children are 18 years old. Appoint someone you trust to manage your assets until your children are of age. Please not that if no one is identified for this task, the court will step in and appoint someone deemed as professional to take over the role, which can cost your children their entire inheritance.

3.         In the possible event of incapacitation, you need someone appointed to make very important decisions for you. Having this set in stone, you will keep your loved ones out of court as well as you being properly taken care of per your desires pre-incapacitation.

You’re never too young for establishing your estate plan; it not only keeps you protected, but your children and loved ones as well. Here at North County Legal, we want to help you create the best estate plan to support your family, finances, and legal decisions throughout the entirety of yours and their lives. Having an estate plan as a young couple or family will only heighten your confidence and stability with the unknown future.

Contact us today for a free consultation.