Many young families put off estate planning because they are young and healthy, or because they don\u2019t think they can afford it. But even a healthy, young adult can be taken suddenly by an accident or illness. And while none of us expects to die while our family is young, planning for the possibility is prudent and responsible. \u00a0Know that estate planning does not have to be expensive; a young family can start with a Last Will and Testament and term life insurance, then update and upgrade as their financial situation improves. A well drafted Last Will and Testament will include the following:<\/p>\n
Naming an Executor \/ Personal Representative<\/em> Naming a Guardian for Minor Children<\/em> Providing Instructions for Distribution of Assets<\/em> Naming Someone to Manage the Children\u2019s Inheritance<\/em> Many young families put off estate planning because they are young and healthy, or because they don\u2019t think they can afford it. But even a healthy, young adult can be taken suddenly by an accident or illness. And while none of us expects to die while our family is young, planning for the possibility is […]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"acf":[],"_links":{"self":[{"href":"https:\/\/farinalaw.com\/wp-json\/wp\/v2\/pages\/70"}],"collection":[{"href":"https:\/\/farinalaw.com\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/farinalaw.com\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/farinalaw.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/farinalaw.com\/wp-json\/wp\/v2\/comments?post=70"}],"version-history":[{"count":3,"href":"https:\/\/farinalaw.com\/wp-json\/wp\/v2\/pages\/70\/revisions"}],"predecessor-version":[{"id":101,"href":"https:\/\/farinalaw.com\/wp-json\/wp\/v2\/pages\/70\/revisions\/101"}],"wp:attachment":[{"href":"https:\/\/farinalaw.com\/wp-json\/wp\/v2\/media?parent=70"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nThis person will be responsible for handling final financial affairs\u2014locating and valuing assets, locating and paying bills, distributing assets, and hiring an attorney and other advisors. It should be someone who is trustworthy, willing and able to take on the responsibility.<\/p>\n
\nDeciding who will raise the children if something happens to both parents is often a difficult decision. But it is very important, because if the parents do not name a guardian, the court will have to appoint someone without knowing their wishes, the children or other family members.<\/p>\n
\nMost married couples want their assets to go to the surviving spouse if one of them dies. If both parents die and the children are young, they want their assets to be used to care for their children. Some assets will transfer automatically to the surviving spouse by beneficiary designations and how title is held. However, an estate plan is still needed in the event this spouse becomes disabled or dies, so that the assets can be used to provide for the children.<\/p>\n
\nUnless this is included in the estate plan, the court will appoint someone to oversee the children\u2019s inheritance. This will likely be a friend of the judge and a stranger to the family. It will cost money (paid from the inheritance) and the children will receive their inheritances in equal shares when they reach legal age, usually age 18. Most parents prefer that their children inherit when they are older, and to keep the money in one \u201cpot\u201d so it can be used to provide for the children\u2019s different needs. Establishing a trust for the children\u2019s inheritance lets the parents accomplish these goals and select someone they know and trust to manage it.<\/p>\n","protected":false},"excerpt":{"rendered":"