It is important for young families to think about the future. This doesn’t just include their goals, but also the potential for tragedy occurring. While potential tragedies aren’t fun to think about, considering the possibility allows parents to plan and prepare. This can help protect their family should tragedy strike.
One important preparation in this regard is estate planning. However, a survey by Caring.com suggests that young parents are less likely to have an estate plan than the average American adult. According to the survey results, just a little over a third of parents with children under 18 (36 percent) have such a plan. Meanwhile, the percentage for U.S. adults in general was 42 percent.
Some young families might simply be putting off having such a plan, thinking there is plenty of time to get one in place. However, tragedies can show up unannounced at any time. So, not delaying working on estate planning can help young families be prepared for the unexpected.
Also, some young parents might think that having an estate plan is only important if you are rich. However, this is far from true. Estate plans can serve very important functions for families, regardless of income level.
For one, such planning allows parents to make preparations to help ensure their kids are properly cared for in the event of tragedy.
When both of a child’s parents die while the kid is still a minor, the child will need a guardian. Given how big of impacts guardians can have on children, who will serve this role is something parents would likely want a say in. Estate planning allows them to have this say. In wills, parents can designate who would be their young child’s guardian if they pass away. If a child’s parents die without making such a designation, the decision of who will serve as guardian would likely instead be up to a court.
Also, estate planning allows parents to make plans for what resources will be set aside for their children’s care and for their children when they become adults in the event of the parents’ passing.
So, having an estate plan can be very important for young families. Young parents can go to skilled estate planning lawyers for help with developing a plan aimed at protecting their children and furthering their other key goals.