5 Reasons Young Families Should Talk to Estate Planning Lawyers

Estate planning lawyers can provide invaluable help to people of all ages. Parman & Easterday works closely with clients at all different life stages to make sure their plans provide for and protect their families. It’s important to have the right plans in place to safeguard the assets you have acquired and provide for your family members should something happen to you.

Many people believe that only seniors need to worry about having an estate plan in place.  The reality is that it is especially important for young families to address key issues should tragedy strike. To find out more about how estate planning lawyers can help protect your young family, give us a call. Also read the following five reasons why young families need to talk to estate planning lawyers.

To Make Plans for Who Will Raise Young Children if Parents Cannot

If something happens to you before your kids become adults, it is important to have chosen an appropriate guardian for your children. Parman & Easterday will provide insight into the guardian’s responsibilities, so you can decide who is best suited to be named as guardian.

You do not want your children to become the targets of a custody battle if something should happen to both parents.  Someone else will need to raise them and you want to be the one making that decision. It is especially important for single parents to put these plans in place, as there is not another parent to take over if the parent raising the child passes away.

To Make Sure Young Children Are Provided For Financially

Raising children and paying for their education can be very expensive. Making plans to provide for them financially if you are not able to raise them to adulthood is essential. Parman & Easterday will help explore your options for such things as life insurance to help meet these needs. We will provide insight into the best ways to leave an inheritance to a minor.  This includes creating a trust, which allows you to control who manages the assets for the children. A trust also gives you control over how the trust assets are used and when children will receive their inheritances.

To Make Plans for the Care of Pets in Case of Incapacity

Pets frequently end up in animal shelters because their owners pass away or become incapacitated. Many young families have pets that live with them.  You want to make sure your animals will be provided for even if something happens and you cannot care for them. This includes providing instructions as to who will care for your pets upon your incapacity or death. Because it is expensive to care for a pet, you may wish to provide money in a pet trust for your animal’s care.

To Make Plans in Case of Incapacity

Incapacity can happen at any time. You should work with an estate planning lawyer to provide instructions for what kinds of medical care you’ll receive if you become incapacitated. Making plans in advance can spare your family from having to make difficult decisions. Because young people often don’t talk about what should happen if tragedy strikes and now they cannot express their preferences regarding medical care, your family could be forced to make life-and-death decisions without your input. Spare them this by using advanced directives that specify what care you want or don’t want to receive.

To Take Control Over Their Legacy

It’s important to put plans in place that identify who will inherit your assets.  This allows you to control your own legacy.

Getting Help from Estate Planning Lawyers

Estate planning lawyers at Parman & Easterday will help you address these and other key issues that affect your estate planning. We will work closely with you to identify your goals, protect your young family, and make sure your children are safe and provided for if you cannot raise them to adulthood. We will also provide you with comprehensive help and support in making effective use of legal tools to implement your plans for the future

To find out more about how our firm can help you, join us for a free seminar. You can also give us a call today at (405) 843-6100 or contact us online at any time.