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Whenever you hear about estate planning, you probably picture an old person who has spent the prime years of their life building wealth that will eventually leave for their children. But have you ever considered that estate planning is just as important for young people? People who recently got married and had their first child are so busy in fulfilling their family needs that the thought of estate planning doesn’t cross their mind. They think that they have a long life ahead of them, and this matter can be taken care of later when their children have grown to a mature age, and they have more time on their hands.

Death is an undeniable reality that can knock on your door at any time, regardless of your age. That is why young people should take time out for estate planning so that they can secure the future of their family. Some of you might be thinking, “I don’t have any estate to plan for, so should I delay estate planning until I own something?”

The answer is no, you shouldn’t. Young families without sizeable assets should resort to relatively simple estate planning. The following are some important considerations for young couples:

Choose a Guardian for Your Children

If one parent dies, it is obvious that the responsibility of looking after the children falls on the shoulders of the surviving parent. But what if the other parent is mentally or emotionally unstable, or worse, dies as well? Such a situation is hard to even imagine for parents, but if they don’t choose a suitable guardian for their children themselves, the family court will have no choice but to appoint a custodian to take care of your children if needed.

Choose a Trustee for your Estate

If you do not leave a will, the court will appoint someone to handle your estate’s affairs. These include paying the bills, paying off the debt you might have accumulated, locating and valuing assets, distributing assets, closing bank accounts, and others. To make sure that someone willing and responsible will handle your estate affairs after you, it is best that you choose the person yourself and mention their name in your will after getting their consent.

Choose a Guardian for your Estate

A guardian of the estate or financial guardian is a person who controls the inheritance until your children are of legal age, i.e. 18 years old, to make decisions themselves. It is not necessary that the person who is given custody of your children is also appointed for managing your estate. Unless there is a will that has the name of a financial guardian mention in it, the court will determine who will oversee your children’s inheritance.

Consider Disability Planning

Apart from contemplating what will happen to your estate after you die, it is also important to consider circumstances where both parents become physically or mentally disabled and are unable to act on their own accord. When creating your will, you should mention who will make healthcare and financial decisions on your behalf if your children are still young.

Life is unpredictable, and one can never guess the turn of events that can affect the lives of people we hold dear the most. It is best that you hire an experienced estate planning attorney who can help you create your will and allow you to make the future of your family safe and secure. Contact the Law Office of John C. Grundy at (330) 637-9030 or online to schedule your consultation today.