Why Estate Planning Is So Important For Young Parents

There are many misconceptions about estate planning but one of the most common is that it is only for the wealthy or the elderly. The truth is that anyone who wants to protect their loved ones after they pass away should have an estate plan to make sure they are provided for. Young people often think creating an estate plan is unnecessary because the chances of them passing away soon are slim, and because they are still accumulating their wealth.

Unfortunately, no one can predict what is going to happen in the near or far future. For this reason, it is critical that everyone, including young parents, draft a plan. Below, our Daytona Beach estate planning lawyer outlines the most important considerations for young parents.

Designate a Guardian for Your Children 

Perhaps the most important reason young parents should create an estate plan is to name a legal guardian for their children. A legal guardian raises and cares for the children in the event that both of the parents pass away. Many people designate someone as ‘godparent’ and think that gives them the legal authority to act as a legal guardian. It does not. To ensure that your wishes are fulfilled, you should draft a will that names a guardian and that is properly executed to ensure your children are protected.

Manage Your Child’s Inheritance 

If your children are still minors and you pass away, they will not have the capacity to manage their own inheritance. You will have to designate someone to do this on their behalf until they turn 18 years old. You can decide who you want to manage your child’s inheritance by creating a trust or another estate planning tool. If you do not take these steps, the court will determine who will manage your child’s wishes, and that may not align with your wishes.

Plan for Your Lifetime 

An estate plan not only helps your loved ones after you pass away, it can also help you during your lifetime. If you ever become incapacitated in the future and are unable to make decisions on your own, someone else will have to make decisions regarding the health care you receive, and how your finances are managed.

A general power of attorney can designate who will handle your financial affairs while a health care directive can name someone who will make medical decisions for you. Again, if you do not draft these important documents, the court will make them for you and they may appoint someone who will not act in your best interest.

Our Estate Planning Lawyer in Daytona Beach Can Help with Your Case 

If you are a young parent and have not made a plan for the future, our Daytona Beach estate planning lawyer can help. At Bundza & Rodriguez, our seasoned attorney can review the facts of your case and draft the documents that will protect you and your family. Call us now at 386-252-5170 or chat with us online to request a free consultation and to get more information.

Sources:

palmbeach.floridahealth.gov/programs-and-services/clinical-and-nutrition-services/registration-forms-clinic-services/_documents/health-care-advance-directives-english.pdf

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0732/0732.html