Young Parents Should Create Estate Plans Now, Not Later

Parents of young children should make an estate plan now to ensure that their children will be cared for in the event an unexpected tragedy hits. However, many parents of young children are so busy caring for their children and thinking about everyday occurances(school, soccer games, PTA, ect.) that sitting down to create an estate plan gets put on the wayside. Additionally, many parents find the financial cost of creating an estate plan to be too large of an investment at the present time, especially when compared to mortgage payments and other more common costs.

A proper estate plan, however, can be incredibly beneficial in providing for children and ensuring they are cared for in the future. An estate plan can help send a child to college, maintain support for a child with special needs, and provide food, clothing and shelter for children in the event of the parents’ deaths. Parents should consult an attorney as opposed to filling out the simple will forms online because these simple forms are not adequately designed to take into account young children. Parents should keep and maintain a list of property (including non-probate assets) to help the attorney determine the proper proper estate plan to create. It is also important that parents continue to review and change their estate plan over the years, especially when life changing events take place.

See Gerry Kane, Got Kids? Get an Estate Plan, Gerry Kane’s Estate Planning Law Blog, Oct. 1, 2011.

Special thanks to Jim Hillhouse (WealthCounsel) for bringing this article to my attention.