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Creating an estate plan when you have young kids

On Behalf of | Mar 12, 2020 | estate planning

There are all sorts of things to think about when it comes to creating an estate plan. For example, there are numerous options on the table, and some types of estate plans work better for some people while another route makes more sense for others. For example, a special needs trust may help those who have a family member with special needs, but someone who is in a different position may need to take a completely different approach to their estate. Moreover, those who have young children may also have a number of unique considerations when it comes to approaching the estate planning process.

Many parents decide to set up a will, and some do so primarily to ensure that their children will have excellent guardians in the event that something unexpected happens. Without such a plan in place, if both parents were to pass away, they would not be able to have any say in such a key issue. Moreover, wills can also help with critical issues such as how assets will be distributed among children and other beneficiaries.

Other parents may decide to move ahead with a trust, and it is critical to review all of the relevant issues which could impact you and your children. Sometimes, parents who have younger children are also relatively young themselves, and they may not realize the importance of having an estate plan set up. For example, they may think that they can push this off until later in life. However, with young children, it is especially important to take these factors into careful consideration.