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Why should young parents have an estate plan?

On Behalf of | Apr 5, 2017 | Probate & Estate Planning |

Estate plans generally seem like something you might consider once you hit your forties or fifties, but many young people benefit greatly from an estate plan much earlier on. If you think you’re too young for an estate plan, you might want to reconsider.

Traditionally, estate plans help individuals use the law to pass on their property to others without losing a large portion of it to taxes when they die or become incapacitated. While many people wait until they feel “more established” to begin creating an estate plan, the benefits can add up well before reaching middle age.

The reality of the situation is that anyone can die at just about any time, and many young people never plan on how to care for the ones they love if they pass away early. Whether you are a young parent, living with a partner, or simply a single person in your twenties and thirties, an estate plan can help you care for the ones you love if you die before your time.

Protect your spouse and children with a will

When you have children, it is very important to have a will to ensure that your children and their other parent can receive your estate easily without wasting any necessary time or money. If you die without a will, Pennsylvania court must distribute your estate according to its intestacy laws.

While this does not mean that the state will give your estate to a distant relative instead of your surviving spouse and children, it may mean that your spouse must go through some extra trouble to get control of all your property if the state gives some of it to your children directly. Without stating how you want your estate distributed, you spouse may waste time and money working through the court to do what you would have wanted anyway, diminishing precious resources that should go to taking care of your family.

But what if both you and your spouse pass away without creating an estate plan and will that identifies who should care for your children? Without a proper will, the state must determine who will care for your children — and it may not be who you would choose.

Provide for your spouse and children with a proper plan

No parent or spouse wants to think about dying young. However, it can happen to anyone, and does happen to thousands of families every year. Even if you have a will to make sure that your spouse and children receive your estate, are you confident that they can survive without your provision?

Many young parents choose to obtain life insurance once they have children, which is a common part of many estate plans. While there are many different kinds of life insurance policies, they all serve to ensure one thing — that your family can survive and thrive if you leave them too soon.

Build a strong team for a strong future

Navigating the best options for your needs and your family’s security is not a simple matter. Pennsylvania maintains a number of complex tax laws that may cost you dearly if you do not plan for them properly.

A wise approach to protecting your family’s future is enlisting the guidance of an experienced attorney who can help you explore all your options and choose the right options for you.

With proper legal counsel, you can rest assured that your family will remain safe and secure if you leave them before your time.

Source: Nov. 30, -0001