As a young parent, you’re likely to have many questions and concerns regarding estate planning. While you may be feeling some stress, there are steps you can take to get on the right track and stay there for the rest of your life.
Here are some of the most important estate planning basics for young parents. These details will help you better understand your situation and what you should do next:
- Create an estate plan: Overall, you want to be sure that your children are both safe and cared for in the event that you and your spouse pass on before they reach the legal age of 18. This can mean many things, such as creating a trust and naming a guardian.
- Plan for incapacity: For example, if you’re a single parent, consider who would care for your children in the event that you’re incapacitated and unable to do so. Along with this, take steps to decide who will make medical decisions on your behalf and who will manage your finances.
- Purchase insurance: Life insurance is a good place to start, but also consider the benefits of long-term care insurance and disability insurance. With life insurance, you can be certain that your family is financially stable if something happens to you.
- Save for the future: For example, you can use a 529 account to save for your child’s future college education. As you save for the future, there are a variety of tax breaks that can help you out today.
These are the types of estate planning basics to address as a young parent. As you make progress, you’ll begin to feel better about anything you could face in the future.
If you have questions or concerns about your estate plan, contact our law firm to schedule a free consultation with an estate planning attorney. Our entire team will do whatever it takes to put your mind at ease.