A lot of young parents put off estate planning. If asked, they often say they are too young and healthy or it's too expensive. Some have trouble just thinking about what could happen if they should die while their kids are depending on them. But even a healthy, young adult can be taken suddenly by an accident or illness, and those with young families need estate planning precisely because others are depending on them. Of course, you are not expecting to die while your family is young, but planning for the possibility is being a good, responsible parent, and it shows your family how much you care.
A good estate plan for a young family will include naming someone to administer the estate (a Trustee or Personal Representative), naming a guardian to care for minor children, providing instructions for the distribution of your assets, and naming someone to manage the inheritance for the children until they become adults. It will also include reviewing your insurance needs and planning for disability.
Estate planning will require you to think about family relationships and some decisions may be difficult. But we can help you through the process, provide valuable guidance, and make sure your plan will do what you want when it is needed. If finances are tight, as they usually are for young families, start with the most essential legal documents and term life insurance, then update and upgrade your plan as your financial situation improves. The most important thing is to not put this off. Once your plan is in place, you will have peace of mind that your family will be protected if something should happen to you.
We have been providing estate planning legal services to families for over 20 and are licensed to practice law in Washington and Idaho. If we can be of service to you, your family, friends, neighbors, or co-workers, give us call at 253.858.5434 to make an appointment. We are available to meet in person, by phone, or via Skype or FaceTime.