Why Young Families Need an Estate Plan

There are several reasons why young families should have an estate plan in place:

To protect your children: 

If you have minor children, an estate plan can appoint a guardian to care for your children if something happens to you and your spouse. Without an estate plan, the court will decide who will take care of your children, which may not be your first choice.

If a minor inherits property, the guardian will be appointed to manage the property on behalf of the minor until they reach the age of majority (or the age you specify). The guardian will be responsible for overseeing the property, making investment decisions, and using the income generated by the property for the benefit of the minor.

To ensure your assets go to the right people

An estate plan allows you to specify who you want to inherit your assets and in what proportions. Without an estate plan, your assets will be distributed according to state law, which may not align with your wishes.

To minimize taxes and other costs

An estate plan can help you minimize taxes and other costs that may be incurred upon your death, such as probate fees.

To make healthcare decisions

An estate plan can include a healthcare power of attorney, which allows you to appoint someone to make medical decisions on your behalf if you are unable to do so.

Overall, having an estate plan in place can provide peace of mind and ensure that your wishes are carried out in the event of your incapacitation or death. It is especially important for young families to have an estate plan in place to protect their children and ensure that their assets are distributed according to their wishes.

Herzog Principal, Dave Kubikian talks more about why young families need an estate plan below.