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. These 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. They lost such individuals who provided the child’s home and basic needs, including love, security, and daily care.” https://www.cdc.gov/media/releases/2021/p1007-covid-19-orphaned-children.html

Every year, children lose parents due to accidents and illness. Planning for the unexpected helps protect them. Young parents should create an estate plan to prepare for the worst while expecting the best.

A key step is naming a legal guardian. Some families name godparents, but that choice is not legally binding. You need a formal document that clearly designates who will raise your child. Choose someone you trust and have already spoken with about this responsibility.

Without legal documents, the court will decide who raises your child. Judges often choose a family member, but that may not match your wishes. If no suitable family is available, the child may enter the foster care system.

We Are Already Accustomed To Preparing For The Most Common Mishaps

No one knows what life will bring. We move forward and handle what comes. We carry auto and health insurance because risk is part of life. Estate planning should be just as routine. Today’s fast-paced, digital world brings new and unpredictable challenges to our health and safety.

An estate plan gives parents confidence and peace of mind. It ensures children receive care according to your wishes in a worst-case scenario. This is one of the most responsible steps a parent can take. If your child has special or functional needs, planning becomes even more critical.

Choosing to raise children takes courage. Every parent knows it is both challenging and deeply rewarding.

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.

   

Looking to find an experienced estate lawyer in the Georgia area who is skilled in asset protection and estate plan preparation? Shannon Pawley is an attorney in Georgia with expertise in estate planning and asset protection. Shannon can provide assistance with creating an estate plan to include making a will and how to establish a trust properly. If you have questions about asset protection or questions about making an estate plan, reach out to Shannon and she will be glad to help answer all the estate planning questions you might have!