Many believe estate planning is only for those who are older, and it is certainly one of the last things they are thinking about after starting your family. However, estate planning is for people of any age, and there is actually no more important time to consider your estate planning than after you have had a child.
However, while young families may think their estate plan is as simple as your spouse then your child gets everything, it is just ever so much more involved. For instance, what if your spouse passes away too and your child is still a minor? Who will take care of your child as well as their custodial account until they come of age? Will you pick a family member to care for them and the money or just the child and leave money management up to an outside party?
Typically the best thing for young families to do, just in case, is to create a trust under their Wills that will allow a trustee to manage the child’s assets until a designated age. Many parents leave the same person in charge of both the personal and financial decisions for their minor children, while others prefer to split the responsibilities.
If you have recently started your new family and your thoughts are turning to the future, contact us today. Ford + Bergner LLP is dedicated to making sure families are taken care of.