As a young parent, it's easy to assume that estate planning is something you can put off until later in life. After all, you're still building your career, raising your children, and trying to enjoy your free time. However, delaying estate planning can seriously affect you and your family.
Reasons to Begin Estate Planning As Soon As Possible
Protect Your Children's Future
Protecting your children's future is one of the most important reasons to begin estate planning. If something were to happen to you and your spouse, who would care for your children? Who would manage their finances and make important decisions on their behalf? Without a proper estate plan, these decisions would be left up to the courts, which may not have your children's best interests in mind.
By creating a will and naming a guardian for your children, you can ensure they will be cared for by someone you trust. You can also set up a trust to manage their finances until they are old enough to do so themselves.
Avoid Family Conflict
Estate planning can also help you avoid family conflict. Without a clear plan, your family members may argue over who gets what, leading to hurt feelings and strained relationships. By creating a will and outlining your wishes, you can minimize the chances of family conflict and ensure that your assets are distributed according to your wishes.
Minimize Taxes and Fees
Estate planning can also help you minimize taxes and fees. Without a proper plan, your estate may be subject to probate, which can be lengthy and expensive. Additionally, your beneficiaries may be subject to estate taxes, which can significantly reduce the amount of assets they receive.
By working with an estate planning attorney, you can create a plan that minimizes taxes and fees and maximizes the assets your beneficiaries receive.
Plan for Incapacity
Finally, estate planning can help you plan for incapacity. If you were to become incapacitated and unable to make decisions for yourself, who would make decisions on your behalf? By creating a durable power of attorney and healthcare directive, you can ensure that someone you trust will make these decisions for you.
Estate Planning Attorneys
As a young parent, estate planning may not be on your to-do list. However, it's important to begin planning as soon as possible to protect your children's future, avoid family conflict, minimize taxes and fees, and plan for incapacity.
If you need help with estate planning, contact Baxter Harder, LLC, today. Our experienced attorneys can help you create a plan that meets your needs and protects your family's future. (541) 238-9210