Estate planning is probably not at the top of your list of concerns if you have recently started a family and have young children. If you have children, it is essential that you have a plan in place for them in the event of your passing. It is impossible to predict what the future will hold, giving you all the more reason to plan your estate. There will be no plan in place regarding the division of your assets if you unexpectedly die tomorrow without an estate plan.
Outline Medical Care and Treatment
Life is unpredictable, making it all the more important that you have a will in place as soon as possible. There is no reason for procrastinating in putting together an estate plan, what many do not realize is that you can change your estate plan whenever you need to. If you become incapacitated or unable to speak, an estate plan can name a person who can act as your beneficiary and make medical decisions if you are not able to. You can even outline your wishes regarding your care from a medical professional and actions you would like for them to take within your estate plan. You will event be able to indicate the people whom you would like to help draw from your estate to pay for your expenses and medical bills if you are incapacitated or recovering from an illness or injury.
When You Have Minor Children
Making a plan regarding who will raise your minor children after you pass away is perhaps one of the most important reasons to put together an estate plan. The estate will decide who will take care of your children if you and your partner pass away without an estate plan in place. Why would you leave such an important decision to the state who does not know you, while your friends and family must stand by and carry those actions out? By putting together an estate plan you will be relieving your loved one of unwanted stress, giving them peace of mind in knowing who will raise your children if you pass away.
Starting to Plan
You will want to start with making a list of all your debts, assets and accounts that exist when you begin putting together your estate plan. Mo matter the financial value, you will be able to designate assets to specific individuals. If you have remarried, it’s a good time to update your designated beneficiaries on your accounts. Going through this process, will keep your family from having to sort through what you would have wanted when you pass away. An estate plan will give them a clear picture of your wishes when it comes to raising your child, your finances and distribution of your assets. Having a plan in place for them if you were to pass away will be beneficial to them as they will likely be overwhelmed with grief.
For help with planning a document that is legally binding, contact an estate planning attorney California trusts. In the event that you pass away, your loved ones will be comforted in knowing that your final wishes can be carried out in the way you intended.
Thanks to our friends and contributors from Yee Law Group for their insight into estate planning.