Benefits of Estate Planning for Young Families
Starting and growing a family is a full-time job. It’s no wonder that many families don’t start thinking about estate planning until they are well-established. Some only begin considering estate planning well after their kids are grown and gone.
As a family-run Utah law firm, we understand the challenges of family life well. But as estate planning attorneys, we encourage young families to start thinking about estate planning sooner rather than later. The unexpected can happen and it is important to have a plan if it does.
Why Every Young Family Should Consider Estate Planning
1. You probably have assets that you want to protect.
It certainly takes time to accumulate assets. However, many young families have more assets than they realize. When they understand that they do have assets, they quickly grasp the importance of protecting them. Assets can include:
- The family home and other real estate
- Checking accounts and savings accounts
- Stocks and bonds
- Retirement accounts
- Family heirlooms
- Business interests
- Life insurance
- And many other things…
2. Estate planning allows you to decide what happens to your assets.
Utah estate planning laws attempt to be fair to families who experience unexpected tragedy. But the law has to account for a wide variety of situations. What the courts decide could be drastically different than what you want. That’s one of the primary reasons why estate planning is so vital. Even a simple will lets you state what you want to happen with your assets after you are gone.
Keep in mind that estate planning tools like wills and trusts can be fine-tuned to achieve many different goals. Once we understand your goals, we can tailor legal documents to get you as close as possible to achieving those goals.
3. You get to decide who will take care of your children.
Most parents have thought about who they would want to raise their children if they passed away. You likely have strong preferences concerning who should take this important job – and who shouldn’t. The best way to ensure that your children go to the right guardians is through a guardianship provision in your will. With a properly written provision, there will be no doubt about who should look after them.
4. You get to decide who will make your medical decisions and what those decisions will be.
If you become unable to make medical decisions – such as if you were to be in a coma – someone else will have to make those decisions. An advanced healthcare directive lets you indicate exactly who that should be. It also lets you direct their decision-making, such as when you would want them to end care.
Estate Planning Services for Young Families
The best time to plan for the unexpected is right now. Please get in touch with our family-run estate planning law firm today to learn more about your options. Call us at (801) 521-4145 or complete our secure online contact form and we will get back to you soon.