Most people do not have an estate plan in place, and younger adults are more likely to be going through life without having made any preparations than older ones.
You may say that this is logical because estate planning is absolutely more important for senior citizens than it is for young adults.
In fact, it could be argued that nothing is further from the truth.
At the time of this writing the average life expectancy for people of all ages is 78 years. So for the purposes of this example let’s say that you pass away when you are 78 years old.
How old do you think your children would be at that time? It is very likely that they would be fully self supporting adults who may in fact be approaching senior citizen status themselves.
Your 50 or 60-year-old children are probably not going to be looking to you for food and shelter.
On the other hand, if you are a younger adult with minor children in the home the dynamic is something else entirely. Your children are clearly dependent on you for everything.
For this reason it is important to have an estate plan in place as a young adult parent. One of the things to consider is the matter of guardianship. When you draw your estate planning documents you must include the selection of a guardian who would care for your children should both parents pass away.
There is also the matter of making sure that there would be sufficient financial resources in place, and this can be accomplished through the purchase of life insurance if necessary. However, you do have to take specific steps when you are planning your estate to place controls over the funds, and this can be accomplished through the inclusion of a testamentary trust.
Our firm has a background assisting parents who want to provide for their minor children, and we are here to assist you if you would like to take the appropriate actions to ensure the well-being of your children come what may.
The Augulis Law Firm is a member of the American Academy of Estate Planning Attorneys.