When you have kids, it complicates life, especially when you throw estate planning into the mix. If you are a young parent, you don’t need anything too sophisticated, but here are somethings you should expect when estate planning.
Create Your Will in Lay Out Everything If you are a young parent, you will most likely need to decide who will take care of your kids in the event you pass away. If you are no longer around, the guardian that you name will be the once assigned responsible for your kids. Even though this will most likely not happen, it is good to mention this in your will.
When you pass away and your children are in need of someone to take place of you as a parent, the courts will assign the individual that you put in your will. If you want, you can assign different guardians to certain children.
Did you know that if you don’t name a guardian in your will, the courts will assign someone for you? You should choose a close relative or family member to care for your children. What happens if you do not desire to have your family take care of your children? What if you would like your close friend to take care of your children instead? The courts will not have any way of knowing who the person is to you.
You as a parent will most likely not want to make this choice of guardianship. No one enjoys thinking of someone other than them caring for their children. At times, a couple disagrees on who should be the guardian.
Another big reason to create a will is that if you pass away, your spouse may not get your assets. Your assets will most likely go right to your kids if a will is not written. Most people want the money to go to their surviving spouse so that they can use the money to take care of the kids.
Creating a well-written will could be simple with Hunsberger Dunn LLP.
Click here to learn 3 reasons why estate planning is important!
Ensure That You Purchase Life Insurance When you are in the process of writing your will, it is a good idea to make the financial decision of buying life insurance. When you buy life insurance, it will take place of the earnings of the spouse who died for the first couple years. It’s the best strategy to make sure that you or your spouse die randomly, that your family will have the opportunity to gain access to cash to use for the kids and bills.
Term life insurances specifically remains effective for certain amount of years and would be a great decision if you are a young parent. If you are reasonably young and healthy, term insurance will be cheap. You could shop for the best bargains online. Some free services compare rates of many different companies.
Do you have a question about estate planning? Click here to contact the experts at Hunsberger Dunn LLP today!