Most young families are rushed for time. Between work, shuttling the kids between various events and appointments, and weekend family outings, there isn’t a lot of extra time left over by the end of the week. But, what would happen to your children or your spouse, if something unexpected happened to you? It’s not a subject any of us like to think about, but it’s an important one for young parents in particular. For about the cost of a weekend getaway, you could assure your children are properly cared for, and your spouse has peace of mind, if the unexpected occurs. Even single people need an estate plan, especially unmarried partners and LGBTQ people! Here are a few items that are typically reviewed as part of a basic estate plan and why young adults need estate planning.
Who Will Care For Your Children?
As a young adult considering estate planning, you may have children to consider. Many young adults are not married to the child’s other parent. In the tragic event that you and your child’s other parent pass away, an estate plan identifies the person or people who will become guardians of your children. Common guardians may include your or your spouse’s parents, your or your spouse’s siblings, or other close family members or friends. Be sure to discuss this possibility with the guardian in question before you complete your estate plan. Ideally, this party has a desire to care for your children, is financially stable, and is close by or willing to make a big move in order to care for your children in the event that you die. Even more important, your estate plan will outline who has access to your bank accounts and other assets, to care for your children’s needs.
Estate planning for young adults may want to consider how to take care of other family members. One way to accomplish this is to purchase a life insurance policy, an option that is very affordable for young parents, in particular. Most Americans are unprepared for an unexpected tragedy; only 59 percent of Americans have any life insurance, according to Market Watch. An experienced estate planning attorney, like the attorneys at Frame & Frame, can provide resources for your consideration.
Creating a Will or Trust
A will is the most basic and essential aspect of an estate plan because it details your last wishes, burial and funeral plans, and names beneficiaries. But, there are significant advantages to establishing a trust too! Should you have a will or trust? An estate planning attorney can provide needed guidance, but we’ve found this free guide to be extremely helpful in providing an overview on the pros and cons of a will vs. a trust. A trust may help you avoid the probate process or used to reduce tax obligations and/or create financial stability, specifically for your children. Be sure you understand the advantages of both.
Medical Emergency Planning
What happens if you suffer a sudden, unexpected accident, medical emergency, or serious illness? An estate plan can establish a durable power of attorney or advance health care directive to give family members direction in the event that you become incapacitated. In addition, it can provide access to finances that may need to be accessed to pay bills while you’re incapacitated. Two-thirds of American adults do not have a medical directive, according to Health Day, and that statistic is likely much larger when only looking at young to middle age adults with young families.
Reach Out to an Experienced Maryland Estate Planning Lawyer Today
While many people think of estate planning for seniors or even wealthy people, an average estate plan doesn’t have to cost a lot and can do many young families a lot of good too! Schedule a consultation with the Maryland estate planning lawyers at Frame & Frame today.