While estate planning is important to all families, it is crucial to young families. In this video K&G partner Bernie Greenberg discusses why.
Before I became an estate planning, I did not fully understand the importance of having an estate plan. I thought that estate planning was only for the wealthy. Nothing can be further from the truth!
So, here are 3 reasons why you should consider meeting with an estate planning attorney, regardless of your wealth:
1. You have children under the age of 18.
A good estate plan protects your children from an uncertain future. For example, a comprehensive estate plan for families with young children will include an Appointment of Guardian, which allows you to nominate a guardian to care for your children when you die or become incapacitated and are unable to care for them. They also include an Authorization for Care of Minor Children, which allows you to appoint an another adult to temporarily care for and make decisions on behalf of your minor children when you are on vacation, unavailable, or become incapacitated.
2. To appoint decision makers to take care of you and your finances should you become unable to do so.
Not all estate planning concerns death. For example, power of attorney documents are important estate planning tools. These documents allow you to name people you trust (agents) to make medical and financial decisions for you while you alive, but are unable, or don’t want to, make such decisions for yourself.
3. The State in which you live has already created an estate plan for you.
All 50 states, and the District of Columbia, have laws that dictate how your property will be distributed after you die. These laws are called the laws of intestacy and apply when you die without a will. These laws may not match how you want your property to be distributed after your death.