You and your partner have just started a family, and there are exciting times ahead. However, now that you have a child, you also have many more responsibilities. Previously, estate planning may not have been something that you had given much thought to, as you are still so young.
The truth is that estate planning can benefit younger individuals too, particularly if they are parents. Outlined below are a few important factors to consider.
A guardian for your children
Having a child has given you a much different perspective on life. You have never felt such a strong bond with another human before, and you would do anything to protect your child. Well, the truth is that estate planning can be one layer of this protection. What would happen to your child if you and your spouse were caught up in an accident? By drafting a will, you can have the final say. You can nominate one or more guardians to take care of your children should something happen to you. This isn’t morbid, it just means that you’ve taken every possible step to care for your children.
Ensuring your assets go to the right people
Now that you have children, your income and savings will be used in a different manner. You have to think about their health care needs, their tuition fees, their driving lessons and much more. By coming up with an estate plan, you can set up financial provisions to ensure that your children have access to everything they need.
Perhaps you have been given a family heirloom that has been passed from generation to generation. Well, now that you have children, you have someone to pass it on to once you’re gone. Sentimental value can be just as important as monetary value sometimes, and this is something that your estate plan can protect.
As you plan for your children’s future, you want to make sure you’ve taken all of the appropriate steps. Seeking some legal guidance will help you get there.