Statisticians tell us that the majority of people who are under the age of 50 do not have an estate plan in place. In fact, many people over the age of 50 are unprepared, but we will reserve that subject for another day.
The point that we would like to hammer home here is the fact that younger adults, particularly adults with minor children, must make preparations for the possibility of passing away.
If you are married and you have young children, what would become of your children if you and your spouse were to pass away in an accident? This is the question that you must ask yourself if you’re going through life without an estate plan assuming that you are too young to need one.
The stakes are very high here, and there is no room for a cavalier attitude about your longevity when the well-being of your children is in the balance.
In addition to naming a guardian in your estate planning documents, you must also consider the financial element. How will the children be provided for financially in the event of your passing?
It is possible to create a last will that includes a testamentary trust. In the event of the passing of the parents while the children are still minors, assets would be placed into the trust for the benefit of the children.
Some people know they should have a plan in place, but many don’t act because they don’t know where to begin. The solution to this is simple. All you really have to do is pick up the phone and contact us to set up a free estate planning consultation, and we can be reached at 408-356-9200 or 831-476-2400.