Young families are not protected from emergencies or death. Although the thought that people live forever is nice, the truth is that not everyone survives until the age of 80 unharmed. Creating estate-planning tools to protect you and your young family in the future is vital. Once you reach the age of 18 all legal issues in regards to your life are left in your hands, but without a proper plan in place that will make financial or medical care decisions for you? Your parents or your spouse?
Estate Planning For Young Individuals
Hiring a well-established layer to create legal documents in regards to emergencies at any age is important. Consider creating an estate plan for medical emergencies to establish the proper person to make medical decisions for you. The people most people name are their spouse, but a family member should be named as well in case anything happens to your spouse.
Creating an estate plan for untimely death is also important. If you happen to die without a will then all money and asset distribution will be placed in the hands of the probate court. Name a beneficiary in a Will to handle asset distribution and one that will distribute any money in an established life insurance policy. Buying term life insurance is an inexpensive and a great option to help provide for your family financially in case you face an untimely death.
If you have minor children consider their future in case of an emergency. Create minor education trusts to ensure that their college education is paid for in case something happens to you or your spouse. Even if you believe you are too young to have any established assets, you need to also establish in a Will who will take care of your children in case of an emergency or is you face an untimely death.
Estrada Legal works with young families to ensure that the proper legal documents are created to protect their families in case of emergencies. Estate Planning is crucial for young families even with minimal assets, especially if children are involved.