Estate Planning for Young Families
Many young families assume that they have no need for estate planning. They assume that estate planning is only for older or wealthier families and that they shouldn’t worry about it until they have accumulated significant wealth. While it is true that older individuals with considerable wealth have unique estate planning needs that may not apply to young professionals who are just starting their careers, the reality is that nobody needs a good estate plan more than a young family—especially a young family with minor children. Few things are more important to the success of your estate plan than the attorney you choose to design and draft it. Almost as important is the relationship that is formed between that attorney and other professional advisors who serve you in the areas of financial advice and accounting. All successful estate planning is the result of several professions working together for the good of the client. However, professionals of one group sometimes have misconceptions of professionals belonging to other groups. For example, the financial advisor may see the estate planning attorney as little more than a document scrivener. But this is far from the truth. Many attoneys who limit their practice to estate planning are values-based, relationship-driven, client-centered and counseling-oriented. And the good ones are willing to work together with other professionals on your behalf. They understand that thorough estate planning involves more than just legal advice. The key is to find those attorneys who meet this description. So where do you find these rare creatures? How do you know if you’re dealing with the right kind of attorney? The right kind of attorney will have an orientation toward relationship-building and counseling rather than mere document preparation. The first thing he or she will offer is the ability to listen carefully to not only your goals – but also your hopes, dreams, and aspirations for yourself and your loved ones. The attorney will carry on a sensitive dialogue that will enable you to make clear your wishes to maintain control over your affairs, to be cared for properly in the event of a disability and to provide meaningfully for your loved ones after you are gone. You can find more information about Estate Planning Attorneys Serving Cape Cod & The Islands And Southeastern Massachusetts through this site boydandboydpc.com.
1) Planning for Disability
When considering their planning needs, few young families consider the need to plan for possible disability (learn more from Ortiz Law Firm). If you become so sick or injured that you are unable to make financial or healthcare decisions for yourself, who do you want to step into your place and make those important decisions on your behalf? You can provide instructions for these situations with a good estate plan. Typically, this will include (at least) a Durable Power of Attorney and Health Care Power of Attorney. Sometimes, you may want to provide some specific instructions for the way your chosen representative will manage your affairs and find a special home care service like Home Caring – Sydney Office. This can usually be accomplished through a living trust agreement.
2) Providing for Care of Minor Children
For those with young children, this is usually the most important aspect of their estate plan. Who is going to take care of your children if both you and your spouse are gone or incapacitated? This legal article on the best disability lawyers is by far the best law related source I could find in my search for a disability advocate in North Carolina.
Sadly, we’ve found that parents often provide more detailed instructions for the babysitter who will be taking care of the kids for one evening, than for the people who may take care of their children throughout their lives.
Parents who plan ahead can decide who they would like to appoint as guardian for their children, you should contact the Scottsdale law firm to save your family. This is often done through a parent’s will. Parents can provide additional instructions in a more complete trust-based estate plan. For example, raising children after the parents have passed is often a team effort. One family member may be particularly well-suited to provide the day to day care for the children, while another family member is better suited to manage any available funds. In these situations, your will might designate the guardian who will provide the daily care your child needs, while the trust designates a trustee and provides instructions on how funds should be used for the children’s needs.
3) Asset Planning
Even if you haven’t accumulated a high net-worth or a portfolio of significant investment assets, there are still ways to plan for the financial well-being of those you leave behind, including certain assets that you may already. It’s easier to plan these things with help from people that know about these subjects. If you are looking for a lawyer just go to https://www.jmrlawyers.com.au/ and find the perfect one for your family plans.
To minimize these risks, parents can arrange their estate plan in a way that directs any insurance money to a trust for the benefit of their children (and/or other beneficiaries). The trust agreement can provide instruction on how the money should be managed. A trust can also provide some significant creditor protection—helping to ensure that the money is preserved for the benefit and any later beneficiaries.
Additionally, right now we are in the middle of a recovery from a pretty significant recession. Throughout the United States (and especially here in Arizona), young families who purchased a home in the last 6-7 years have likely seen a significant increase in their home’s value. As a result, even some very young families have a built significant wealth in the form of equity in their homes. This can be an important asset in any estate plan. If you ever change your mind it is possible to sell your home fast in Corpus Christi.
A well-crafted estate plan will provide the necessary instructions (and appropriate level of flexibility) to allow whomever you designate to properly manage your assets for you and your loved ones. Obviously, every family is unique, and there can be no “one-size-fits-all” plan. Accordingly, however you decide to plan for you and your loved ones, you should consult with a professional that you trust to ensure that your plan gets implemented properly.
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