The Power Of Estate Planning For Young Families
Think you don’t need to think about estate planning if you’re the head of a young family?
Planning a family is one of the most exciting, challenging, and rewarding life events young couples embark upon. Being blessed with a child is truly one of life’s most precious gifts. Planning for the arrival of a child should also include planning for unexpected accidents or illnesses that could take you, the parents, out of your child’s life.
I know that seems a morbid thought, but estate planning for young families certainly isn’t. It is a sign of true responsibility.
Anything Can Happen
If we’ve learned anything at all from the recent pandemic, it is that anything can happen. One of the most tragic results of the pandemic is that “140,000 children under age 18 in the United States lost a parent, custodial grandparent, or grandparent caregiver who provided the child’s home and basic needs, including love, security, and daily care.”
Besides the pandemic, children are orphaned every year due to unforeseen accidents and illnesses. Being prepared for the worst and expecting the best is the philosophy underlying the importance of young parents establishing an estate plan. You establish legal guardians for your child. Some religions have God parents that are loosely identified as someone who would care for your children in the event something happened. But, as a parent, you want a legally binding document, and you want to designate someone you’ve discussed the possibilities with who is responsible and committed to raising your child. Without legal documents, the local court would choose someone to raise your child without your input. The common choice of the courts is usually a family member. If there are no family members, then young children get put into the foster care system.
We Are Already Accustomed To Preparing For The Most Common Mishaps
No one ever knows what life has in store. We all go about our business as best we can. We are accustomed to having automobile insurance and health insurance simply because the odds of getting into a fender bender and having a variety of health issues is commonplace. Having an estate plan needs to become as commonplace too. The world is moving faster than ever in this digital age, and we are facing threats to our health and our lives that have never been seen before.
Establishing an estate plan gives parents a sense of confidence and peace knowing that in the worst-case scenario their child or children will be cared for according to their wishes. That is the most responsible thing any parent can do. If you have a child with special needs, this kind of planning is truly integral.
Consciously and deliberately bringing children into the world has always taken a great deal of courage. Every parent knows that raising children is the most challenging and rewarding job on the planet.
If you are the parents of a young child or are expecting your first child and would like to discuss establishing an estate plan, give our office a call 404-370-0696.
We will discuss every topic necessary to provide completely for your children including Durable Power of Attorney for both health care and for finances in the event both parents become incapacitated, in addition to the designation of guardians of your choice for minor children. Once your estate plan is in place, you will go about your life more joyfully than ever – enjoying the gift of life that your child is sure to be.