Getting married can be an exciting time for young couples, as they are filled with love and ready to begin their lives together. While this is a joyful time for these new, young couples, many times they will hold off on beginning their estate planning. It is never too early, however, to begin these important steps for your future. Often times, these younger couples will put off this important process because they are concerned that they may not have the resources yet to afford estate planning, or they are too young and able to even worry about it.
No matter how old and fit you and your young spouse are, life can change in the blink of an eye and having your estate planning already done will be useful for you and your families in the event of a tragic accident or illness. Young couples, consider estate planning as an essential part of life, and accomplishing this now is adjust a means of taking responsibility for one another and your children in the future. Part of this process will include finding a trustee for your estate, someone that you have full faith in to make wise decisions on behalf of your family if something were to happen. Their responsibility would be for them to name a guardian for your children; they would be in charge of dividing your assets, as well as placing someone responsible for your children’s inheritance until they are of age.
Your trustee (or executor) will essentially be responsible for your entire estate in the event of an accident or death, specifically for your finances. They will make sure all bills are paid for, your assets are distributed properly, as well as any other matters you deem necessary. While no parent wants to imagine this day happening, planning ahead will ensure that if a tragedy happens, your kids will be in safe and loving hands. If one parent were to die in an accident, naturally, the other parent would raise the kids.
Sadly, there are accidents in which children loose both of their parents and estate planning will secure their future if this ever happens to you. By naming a guardian for your children, you will be designating someone to raise them as their own until they are adults. If you don’t plan ahead and you and your spouse die, the court chooses your kids outcome, and this may not be according to your wishes.
Estate planning also includes choosing someone to distribute your assets. In some cases, parents may want the kids to inherit everything in others they may want various families members to receive some belongings. This designated person will see to it that the parents’ wishes are fulfilled. Another vital aspect is designating a trusted individual to manage your children’s assets until they are of age to receive their inheritance. This position is very important because it deals with your children’s money, so you will want to choose someone that will not chose to interfere with their inheritance.
There are many more facets of estate planning for couples of all ages, though it is never too soon to do so. When putting your estate planning into place you will want to really evaluate your friends and family relationships in order to determine what is best for your children ultimately. This may mean making some painful choices, but remember your biggest concern is the care of your children and their wellbeing. To help you with this process you will want to find an experienced and trusted estate planning attorney in your area who can guide you. Even if you begin with some of the legal paper work and life insurance plans, this is a starting step to your estate planning. Remember, this is for your children and securing their future!