Young, growing families often focus on living in the moment. Maybe it’s settling into a new marriage, happily anticipating a new baby on the way or watching their young children discovering the world around them. Estate planning is usually one of the last things on their minds, but that’s a big mistake! The best way to plan for the future security of your family is to start as early as possible. When it comes to estate planning, here are some things that a growing family needs to think about.
Estate Planning is not Just for the Wealthy
One reason young families put off estate planning is that they don’t understand what it actually entails. They believe that they must wait until they have accumulated enough “stuff” to warrant putting a plan together. But estate planning is much more than that, and it does not matter how many assets you have. When kids are involved, a good estate plan is necessary to provide direction and protection for now and for the future.
Make Sure the Kids are Protected in Case of your Passing
Your kids are the most important thing in your world, and you are dedicated to making sure they are always taken care of. But what would happen if something happened to you? Thorough estate planning strategies can ensure you have established a plan to:
- Appoint a guardian for your children, who has the legal authority to care for them
- Develop detailed instructions for the guardian regarding care, values, medical histories and more
- Establish a trustee to manage and distribute your assets to your children when they reach a specified age (or on a certain timeline, such as a portion at age 18, 21, 25, etc.)
- Specify certain funds to be used for your child’s education, wedding or home purchase
- Have comfort knowing that you – NOT the court system – have made the final decisions regarding the care of your children
We Will be Your Estate Planning Advisers for Life
Young families may have different needs than older families when to comes to estate planning. So as your family grows, you can benefit from adjusting or adding to your plan. We have decades of experience in all areas of estate planning and can also help you to:
- Designate a power of attorney for healthcare, who can legally make healthcare decisions for you if you are unable to, in case you were to become disabled
- Establish trusts to protect and preserve your growing assets for current and future generations
- Understand the best financial strategies for charitable gift giving
- Avoid complex probate issues for your heirs, no matter the size of your final estate
At Churchill, Quinn, Richtman & Hamilton, Ltd, we understand that talking about some of these issues may not be easy. But it really is necessary for the peace of mind that your family will be taken care of according to your specific wishes. Our experienced team can help you work through the entire process and develop the right plan for your growing family. Contact us at 837-223-1500 to learn more and to get started.