The average lifespan in the United States right now is 78 years. Does this mean you can wait until you are in your 60s to start planning your estate?
Unfortunately many people seem to think so because the majority of people who have not yet attained senior citizen status are going through life without having the appropriate estate planning documents in place.
However, think about this: When you are in your 60s and beyond your children are grown adults in their own right. Of course you would ideally like to leave something behind to your children regardless of how old they are, but they are probably not completely dependent on you anymore.
Conversely, consider the situation that a young family is in. When you have minor children still in the home they are totally dependent upon you. If both parents were to suddenly pass away in an accident, or in single-parent households if the lone parent was to die, who would take care of the children? Where will the financial support come from?
These are questions that you must take very seriously if you are the parent of minor children.
Yes, it is less likely that younger people will pass away but the consequences could be much worse if the unthinkable was to take place. Because of this one may easily argue that estate planning is even more important for younger people than it is for older ones.
We urge you to take this situation to heart and arrange for an estate planning consultation as soon as possible if you are the parent of a young child.
Author, President and Founding Attorney
Parman & Easterday
Parman & Easterday are members of the American Academy of Estate Planning Attorneys.