We often believe that because we are young, we have no need for a will or estate plan. While we often think about where our belongings will go as we get older, you are never too young to think about what should happen to your estate after you pass. This is especially true if you’re a young family with substantial assets or children to think about.
Even if you are in good health, accidents can happen. It is always a good idea to create an estate plan early on to ensure everything is taken care of if needed. Let’s take a look at a few of the things you’ll want to cover in your estate plan as a young family.
Guardianship for Any Children
If you are a young family with children, chances are they are still minors. In the event that both parents should pass away, you want to be sure your children are taken care of by the relative or friend of your choosing. Naming a guardian in your estate plan or will can ensure your children are properly cared for if you and the other parent should pass.
Estate Executor
Within your estate plan, you need to name someone to be the executor of your estate. This person would be responsible for paying off your debts and bills, ensuring the items within your will make it to the right individuals, and collecting whatever assets you may have. While this is a major responsibility, you want to ensure you properly name someone so that everything is well taken care of if you should pass before expected.
Distribution of Assets
If you have any assets, you want to ensure they’re falling into the right hands. However, if you have children that you plan to leave the majority of your estate to, you may want to specify a certain age that they must reach before they can receive their inheritance. If you do not determine a specific age, they will receive your assets at age 18.
A professional estate planning attorney at Michael F. Kanzer & Associates can help you create a proper estate plan for you and your family, regardless of your age or assets. Contact us for a free consultation at 718.769.7200.