When you have a young family you can be pressed for time. You have kids to get to school, careers to develop, and various events throughout the weekend that you have to get to. Simply put, this does not leave much time in your week to take care of other items. But here is a question every young family should ask themselves. What happens to your children or spouse if something unexpected occurs? This is exactly why estate planning is important for young families.
It provides a much needed answer to this question and assures you peace of mind that your children will be properly cared for, and that your spouse will be cared for as well. Here are 3 things to keep in mind when developing your estate plan.
Appoint a Caretaker for your children
In the tragic event that you or your spouse has passed away, an estate plan identifies the person or people who will become guardians to your children. Most often young families will choose a spouse’s parents, siblings, or close family friends/relatives. Be sure to discuss the possibility of this with the guardian in question because of the responsibility. You ideally want a guardian who will be committed to the task, is financially stable, and lives close by.
Knowing that your family will be provided for in the event of your death is a great relief. One way to accomplish this is by purchasing a life insurance policy for your family. At a young age this is very affordable and many are encouraged to apply. By working with an experienced estate planning attorney you can be provided with resources for your consideration.
Create a Will or Trust
A will is the most basic form of estate planning because it details your last wishes including burials, funeral plans, and the beneficiaries of your estate.
Create a Medical Emergency PLan
What happens if you or your spouse have a medical emergency or develop a serious illness? In the event that you become incapacitated an estate plan will establish a durable power of attorney that provides your family with direction.
Consult with an experienced Baltimore Estate Planning Attorney
If you need help with your will or estate planning contact The Law Offices of Nicholas J Del Pizzo for help. At our Baltimore Law Firm we have the experience needed to guide young families through the estate planning process and be proactive with the protection of your assets.