Many people mistakenly believe estate planning is something only the older generation has to worry about. The truth is that anyone with minor children should have a document in place. Life is full of unexpected events, and no one knows when tragedy could strike. The legal team at Achille Law, PC, offers the residents of Brookville, PA, valuable assistance with all their related needs. Below, they explain some of the top reasons why this is so important for young families.
Estate Planning for Parents With Young Children
1. Appoint Guardianship of the Children
One of the most crucial reasons to have an estate plan is to establish who will raise the children if both parents pass away at the same time. A last will and testament provides the opportunity to appoint whomever they wish to take over guardianship of their kids. Without this legal document, it will be left up to the courts to make this decision.
2. Determine Who Will Manage Children’s Finances
Estate planning also allows parents to determine who should manage the money and property left to the children until they are of age. The financial trustee and guardian can be the same individual or two different people. Again, if there isn’t any paperwork naming a trustee, the courts will decide who should be in charge of distributing the assets.
3. Designate Someone to Make Decisions
An estate plan is vital in cases where parents become incapacitated and unable to make their own financial and health decisions. Designating a power of attorney will give someone else the ability to act on behalf of the disabled individual and carry out duties such as paying bills.
Estate planning plays an essential role in life regardless of age. Young parents should make it a priority to ensure their affairs are in order and clear instructions have been left regarding the care and financial security of their children. The seasoned team at Achille Law, PC, provide quality legal counsel and will ensure the document reflects your best interests. Call (814) 849-6701 to schedule a consultation, or visit them online for additional information about their services.