Young families are thriving in the Rochester area, but many are missing an important step. Taking action now can help you protect your loved ones from future legal and financial consequences.
The Importance Of Estate Planning – At Any Age
It is never too early to create an estate plan, especially if you have children and even a few assets. Some of the benefits of creating an estate plan sooner rather than later include:
- Appointing a guardian for your children: By establishing a will, you can express your wishes regarding who will take care of your minor children in the event you and the child’s other parent are unable to care for them. While it is unlikely your children will ever need a guardian, if they ever do, they will be better off if you nominate someone you know and trust rather than leaving it in the total discretion of the court.
- Taking control over your assets: By establishing wills, trusts and other estate planning documents, you can decide how your assets will be divided and managed upon death. People who are in their 20s and 30s and just starting their careers often don’t think they have enough assets to bother creating an estate plan. This is largely untrue, especially for young couples with children. Even if you only have a life insurance policy, establishing estate planning documents will allow you to decide who will manage the assets and how they will be distributed while minimizing court involvement.
- Peace of mind: Nobody likes to think about estate planning, but taking action now can put your mind at ease. Once you have these documents in place, you can focus on building your life and spending time with your family, free from nagging concerns about an uncertain future.
No two families are the same. If you are thinking about establishing an estate plan in the Rochester area, it is important to talk to an attorney who can create a plan based your unique needs and goals.