Why Every Young Family Needs a Comprehensive Estate Plan
It’s a topic that many young families shy away from, but the reality is clear – every young family needs an estate plan. The uncertainty of life can sometimes catch us off guard, leaving our loved ones to deal with the consequences. This is where estate planning comes into play.
From naming a trusted caregiver for your children to ensuring your hard-earned assets stay within the family, a well-structured estate plan serves as an essential tool in providing financial support and reducing potential conflicts after your passing.
This article covers the compelling reasons why young families should consider estate planning. It will also dive into how an estate planning attorney can help you create a secure path for your loved ones, and provide you with the peace of mind you deserve.
Summary
- Benefits of Estate Planning
- Why Is Estate Planning Important for Young Families?
- What Should Young Families Consider When Creating an Estate Plan?
- What Are the Costs Associated with Estate Planning?
- What Are Some Common Estate Planning Mistakes?
- The Benefits of Working with an Estate Planning Attorney
- Don’t Wait – Plan for Your Family’s Future Now
1. Benefits of Estate Planning
Estate planning offers a myriad of benefits that extend beyond wealth management and protection. Of the many benefits it offers, a few ones to consider are:
- Minimizes Probate: The probate process can be expensive, time-consuming, and invade your family’s privacy. With a well-crafted estate plan, you can efficiently pass on your assets to your loved ones, save on expenses, and keep your financial matters private.
- Legally Lists Beneficiaries: This ensures all of your belongings, assets and wealth go to the people you choose should something happen to you.
- Protects Young Children: Most notably, a will (which will be part of your estate plan) will list guardians for your children.
- Protects You: By naming a power of attorney as part of your estate plan, you are appointing someone to make decisions on your behalf thus protecting you and your wishes.
2. Why Is Estate Planning Important for Young Families?
Estate planning is often seen as a necessity for the elderly or extremely wealthy, but the reality is far from this. Young families are in the growth phase of life, often juggling the demands of raising children, forging careers, and managing finances. An unexpected event without a plan in place could leave their children in a tough situation.
A comprehensive estate plan will name guardians for minor children, ensuring they are cared for by trusted individuals in the absence of their parents. It also outlines how to distribute assets according to your wishes, preventing disputes that could arise over inheritance. Many parents like the peace of mind of knowing their assets will go to their children and/or loved family members only.
Lastly, it allows for the creation of trusts to fund children’s education or cater to special needs. You can reference our article about special needs trusts for more information on this topic.
3. What Should Young Families Consider When Creating an Estate Plan?
It can be overwhelming to start the estate planning process, which is why it’s crucial to seek the help of an estate planning lawyer. Once the process gets started, these are items that young families will need to do:
- Appoint a guardian for minor children. This person will be responsible for your children’s care in your absence and should be someone you trust entirely.
- Determine how to distribute your assets. You can stipulate how your assets should be divided among your children and even at what age they should receive their inheritance.
- Review life insurance. It can provide financial security for your family, cover debts, and fund future needs such as your children’s education.
- Establish a living will or healthcare proxy. This is important as it outlines your wishes for medical treatment if you become incapacitated.
- Consider setting up trusts. Trusts can protect assets, reduce estate taxes, and provide for special needs children.
4. What Are the Costs Associated with Estate Planning?
The cost of creating an estate plan will vary depending on the complexity of your situation and the type of documents you require. However, it’s important to remember that estate planning now can save your family from potential legal issues in the future.
5. What Are Some Common Estate Planning Mistakes?
One of the most common mistakes is not having an estate plan at all. Many people, especially young individuals or those with smaller estates, often overlook the importance of estate planning, leaving their assets and loved ones unprotected.
Another frequent error is failing to update your estate plan regularly. Life’s circumstances change – marriages, divorces, births, deaths, and changes in financial status – should all prompt a review of your estate plan.
Additionally, many people incorrectly assume that a will is enough, but a comprehensive estate plan should also include powers of attorney and healthcare directives.
6. The Benefits of Working with an Estate Planning Attorney
An experienced attorney will provide tailored advice based on your specific family and financial situation. They can help you understand the legal implications of different decisions and ensure that your estate plan complies with current laws.
They can guide you in establishing trusts, reducing potential estate taxes, and ensuring a smooth transition of assets to your heirs. Perhaps most importantly, working with an estate planning attorney can provide peace of mind, knowing that your loved ones will be cared for and your wishes respected even when you’re no longer there to protect them.
7. Don’t Wait – Plan for Your Family’s Future Now
Estate planning is not just for the wealthy or the elderly. Every young family should have a comprehensive estate plan to protect their loved ones’ future. Remember, estate planning isn’t a one-time task, but a process that evolves with your life’s changes.
If you’re looking for a Milwaukee estate planning attorney, look no further than Margerie Law. Margerie Law serves young families in Milwaukee, Wauwatosa, Brookfield and beyond. The expert estate planning attorneys at Margerie Law can help you prepare for your future. Don’t wait until it’s too late – start your estate planning journey with Margerie Law today.
By Paul Margerie, Owner of Margerie Law
Paul Margerie of Margerie Law is a knowledgeable and experienced estate planning attorney based in Wauwatosa, WI. With years of experience helping families and individuals with their estate plans, he offers a gentle touch that puts his clients at ease. He understands the sensitive nature of this work and ensures that all details are taken care of with precision and accuracy. He strives to help each client achieve peace of mind that their future is protected by providing personalized advice and creating tailor-made solutions that fit their individual needs.
