All through the years, especially since the launch of Thomas-Walters Estate Planning, we’ve come across different heartbreaking stories with adverse legal implications. We’ve seen cases where a mum or dad dies and leaves behind their young kids. In more grievous cases, both parents get involved in a fatal accident, suddenly turning their children into orphans. That’s why we want to give some legal advice on the importance of having a will for young parents.
When a situation like this occurs, the question is usually “what’s next for their loved ones?”
Our hope is that those young parents took the right step in putting together a legal plan to help answer that question. Of course, that’s the only way to know what they would have wanted in this kind of situation.
Unfortunately, most of the time, we’ve come to observe that no legal plan was put in place and can’t help but wonder what the wishes of the parents would have been regarding:
Who would manage their assets in their absence, and
Who would care for their kids
Legal advice – Why every young family should have a will in place
Sadly, millions of Americans do not have an estate plan or a will. The statistics are even worse if you take a look at adults between the ages of 20 and 30. Most people tend to take a will seriously only when they start to age.
One of the foremost pieces of legal advice that we give out is to encourage partners to get an estate plan once they get married and start to have kids. We are not implying that they should expect to die. However, getting prepared for unforeseen circumstances proves how much value and love you have for your family.
Below, we’ve put together 4 reasons that a will for young parents is non-negotiable:
You get an estate executor
This is the person whose name appears in your last will and testament as legally qualified to oversee your assets if you die. Your goal here should be to choose someone that you can trust and you consider responsible to implement your last wishes. You also want to use this time to put together every bit of information about your assets and online account. Don’t forget to outline your recurring bills, as well. Doing this ensures that the executor can easily handle your affairs after death.
Your minor kids get a guardian
Granted, your surviving spouse becomes the guardian for your kids if you pass away. But have you considered what could happen if you both passed away at once? What becomes of your kids and under whose care will they come? Young parents should take the time to decide a trustworthy family member that can serve as a guardian for their kids and discuss the possibility with that person. Once finalized, do not hesitate to put it in writing legally. Not doing this means that the court will decide who takes care of your kids. It would really be sad to have your children under the care of someone you never intended.
Your children’s inheritance will be in safe hands
Without an estate plan that mentions who manages the inheritance of your kids in your absence, the court will likely appoint someone else to do it. This will also come at a cost. Why not choose a trusted friend/sibling and decide how the situation plays out in your absence? Your kids may get their inheritance at age 18 but the Trust Fund will help to meet their needs while growing up. It will also provide the right support that their new guardian requires.
Get covered even in disability
Both parents may not necessarily pass away. It could also be a situation of permanent disability for one of the parents or even both. Healthcare decisions will have to be made for you in this situation. That is why it is necessary that you give some thought to the powers of attorney empowering a close relative to make such decisions. Should your partner be unwilling or unable to make these decisions, you can have someone else to do it. Since most life insurance firms don’t offer coverage for disability, remember to factor in disability insurance.
Now you see why a will for young parents is crucial
After the above considerations, you should go-ahead to set up your plan. You have a responsibility to your children to secure their future. You will need the help of a seasoned estate planning lawyer to get you through the process.
Thomas-Walters Estate Planning can set up a free consultation for you. We will ensure that you get the guidance necessary to create a Last Will And Testament that meets your needs.