The Top Three Estate Planning Considerations for Young Families

There’s a common misconception that estate planning is only a concern for the elderly or the ill. The truth is, everyone — young or old — should have an estate plan in place to protect their assets and their loved ones. This is especially true for anyone who is a parent. 

At ElDeiry & ElDeiry, P.A., we encourage young families to get a head start on estate planning. In today’s blog post, we’re sharing our top three estate planning considerations for young families. 

1. Choose a guardian for your minor children.

Who would care for your children if you passed away or if you became incapacitated due to illness or injury? You can make your preferences about this matter known through your estate plan. It is essential to choose the right person for this role. Some questions you may want to ask yourself include:

  • If I am choosing a couple, do I feel that their relationship is reliable?
  • How old is the person I am choosing? How old will they be when my child is a teenager? When my child turns 18?
  • Is the person I want to choose ready and willing to take on this responsibility?
  • Would my child have to relocate and/or change schools to live with this person?
  • Does this person share my religious and/or moral belief systems?
2. Plan for incapacity as well as death.

Estate planning doesn’t just come into play if you pass away. It can also protect your interests if you are incapacitated and unable to express your desires regarding matters ranging from finances to health care. A strong estate plan will typically use tools such as a durable power of attorney to give someone you trust the authority to handle financial matters on your behalf, or a designation of Healthcare Surrogate to help make medical decisions, and/or advance healthcare directives such as a living will to express your wishes regarding things like medical care.

3. Consult with an attorney.

The internet-savvy generation often makes the mistake of thinking they can handle their estate planning on their own using resources like online form wills. This error can have major repercussions. Your will may not be legally enforceable in your state. You may also need a combination of unique documents that goes well beyond a will. That’s why it is so important to consult with an estate planning attorney. If you’re ready to get started, contact ElDeiry & ElDeiry, P.A. today!

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