Most people think that estate planning is for well-to-do retirees who have spent their professional lives saving and growing their wealth. However, all too often, young families put off estate planning because of this misconception and choose to wait until later in life to sort out their affairs. While most young, healthy adults don’t plan for what will happen to their property and assets once they have passed away, the reality is that we can’t predict when death is going to come knocking on the door. In this blog, we explain why estate planning is important for new families.
Care for Your Children
At some point in their lives, parent have to discuss who will care for their children in the event that they were to pass away. It is important that such decisions are written down, so as to avoid disagreements about the wishes you want carried out in your absence.
By naming a guardian for your child in your will, you can avoid the undesirable, but far too common, occurrence of a legal dispute. Your will designates the person who will raise your children in a way that is acceptable to you. Your will can also specifically exclude certain people from caring for your children after you are gone.
Manage The Property Your Children Will Inherit
Parents need to also designate a person who can manage the assets their children will inherit. If this step isn’t taken, a court will have to step in and act as a conservator to manage the property for the child. This can end up costing your kids more money and creates unnecessary burdens.
Name Who Will Manage Your Estate
There are many responsibilities that need to be overseen when a parent or parents pass away. There are debts to be paid and bank accounts that will need to be managed. You can appoint a representative you trust in your will to manage the affairs of your estate once you are no longer around. You can also set out limitations in your will that will ensure your estate is efficiently managed in accordance with your wishes.
Do you need advice on how to plan your estate? Contact our Richmond estate planning lawyers to schedule a consultation with our legal team.