Every now and then I come across a heartbreaking story about a father or mother passing away, leaving behind young children. Occasionally, it’s both parents, killed in a heartbreaking accident, and their kids are suddenly left as orphans. Each time I say a prayer and hope that there is a legal plan in place to sort out the “what’s next?” for those family members and friends still here.

But, in many cases, there’s no plan in place and everyone is left wondering what the parents wanted as for who should provide care and love for their children and manage their assets. More than half of those living in the United States do not have a will or estate plan in place. For those in their 20s and 30s, the numbers are even more staggering. But as soon as marriage and children become part of your life, an estate plan really shouldn’t be too far behind.

Of course, no one expects to die, but taking the time now to plan for the unexpected can demonstrate how much you truly care for the wellbeing of your loved ones.

A few reasons young families should have a legal plan in place for the future:

Name a Guardian for Minor Children

If you die, in most cases the surviving parent will be the sole responsible guardian for your children. But what if both of you pass away at the same time? Who will provide and care for your children? It is important that you and your spouse consider a family member or friend and talk to him or her about this possibility. Then, you’ll want to put that selection in writing and make it official. If you don’t, the court will have to appoint someone who may not be your preferred choice to care for and guide your children.

 

Name an Executor for Your Estate

An executor is a person who you designate in your Will to handle your affairs after death. You’ll want to select someone who is capable, willing and trustworthy to carry out your last wishes. This is also a good time to consider compiling all the information on your assets, noting usernames and passwords for online accounts and auto draft bills, and insurance information. Having all these details together in one place will make it easier for your executor to appropriately handle your estate.

Plan for Disability

Consider another scenario: What if both parents do not die in a tragic accident, but one or both is left permanently disabled? What then? It is important to consider powers of attorney that give a spouse or close family member the legal authority to make health care decisions for you. Given the circumstances, someone other than your spouse may be in a better position emotionally to weigh in on your care if your spouse is unable or unwilling.

When you’ve considered these designations your final step should be to put your plan in place. This is where an experienced estate planning attorney will be able to walk you through the process, offering guidance and ensuring your plan meets your needs.

Weldy Law, PLLC is here to help, contact us today for a free initial consultation!