Young adults may hear about the topic of estate planning and quickly hurry on feeling as though it is something that is only applicable to older people.
Of course it is absolutely true that senior citizens pass away more frequently than people who are in their 20s, 30s, and 40s.
But then again, the children of senior citizens are going to be people who are already grown up and self-supporting.
So yes, it is less likely that younger people will pass away, but the consequences of a lack of planning could be much more devastating if minor children are involved.
All parents will tell you that their children are more important to them than anything. However, at the same time many of these people are going through life without an estate plan.
Everyone should have at least a basic estate plan in place, and this is particularly true of individuals who have minor children still in the home.
The plan should include a financial underpinning for the children, and this would logically include the purchase of sufficient life insurance. The proceeds can be directed into a testamentary trust in the event of the death of the parents.
The choice of a guardian is something else to consider. If you don’t execute legally binding documents naming your choice of a guardian the fate of your children would be left in the hands of the state.
There is nothing to gain from a lack of planning and everything to lose. If you are a parent who has not yet made the appropriate provisions for your children right now would be a good time to contact our office for a free estate planning consultation.