Each year, our firm helps dozens of parents with young children create their estate plans. This post answers common questions about these plans.
Who is a “young family”?
Young families are any family with minor children.
What decisions are part of the plan?
Estate planning for young families entails naming a guardian or guardians to care for minor children, trustees to manage money left to children until they are old enough to manage it themselves, and powers of attorney for finances and health care.
When should this be done?
Oftentimes, people call us when they are making travel plans, or when one of their parents guilts them into it. However, it is a good idea to get a plan in place as soon as children are born.
Why create a plan?
Parents of young children have two estate planning needs: choosing guardians for their children, and ensuring that if something unexpected happens to them, their assets go to a trust fund for their children, not to the children when they turn 18. Naming guardians is particularly important, since parents may have their own parents, two sets of siblings, perhaps godparents or close friends they have discussed this with. If a choice of guardian is not written down, this may not be resolved as the parents would have wanted.
How does this process work?
Estate planning for young families is simple. At an initial consultation we answer two basic questions: 1) where do you want your stuff to go (usually to a trust fund for children) and 2) who do you want in important roles (i.e. guardians).
Call our office to schedule your no-obligation initial consultation today!