Estate Planning for Young Families: 3 Reasons Why New Parents Need Wills Too
It’s easy for you to get caught up in the day-to-day activities of life. Especially when you have started a new family of your own. As a result, the idea of setting up a will may not cross a new parent’s mind. According to a recent survey, only 57% of U.S. adults do not have estate planning documents. Even more troublesome, 79% of millennials do not have an estate plan set up. Here are three reasons why it is important to take time out to establish estate planning documents.
Peace of Mind
A peace of mind is hard to come by these days. However, knowing what will happen in the case of an unfortunate event can put concerns at ease. Acting proactively by creating a will is a smart way to get ahead and ensure that there is a plan in place just in case something happens. There are many advantages of having a will for young families. Advantages include being able to:
- Assign a designated guardian for minors
- Avoid undesired guardians gaining custody in court
- Avoid child(ren) entering foster homes
- Appoint a trustee
Reduce Financial Fatigue
Whether you have life insurance, assets, or both, a huge benefit of having a will is its ability to help reduce financial burdens. Life insurance can help to fund your child’s education, help them support themselves, and more. However, it is important to remember that there are various types of insurance. Looking into your life insurance options and also assigning someone to manage and distribute your assets is a great way to help loved ones financially.
Injury and Illness
The possibility of death should not always be the principle motivation for young families to establish a will. Many families forget to consider the idea of serious injury or illness as a possibility. In this compromising scenario, it is also just as important to have a will. A comprehensive estate plan will help establish a health care directive, and manage medical decisions.
Accidents, illness, and death happen. Young families can feel more at ease by naming guardians and designating how their finances and additional assets should be used to care for their children in a complete estate plan created precisely for them.
Don’t procrastinate and don’t worry! If you are located in Florida, and need estate planning help from an experienced wills and estate attorney, contact Barbara Hartbrodt for a free consultation. Barbara specializes in probate law, and helps families in DeLand, DeBary, and other cities of Volusia County, Florida.
Schedule a free consultation or call Barbara Hartbrodt at: 386-690-1878