Making a will is often not a priority for many young couples. It’s often thought of as a task for older, wealthier adults. However, sudden accidents or illnesses don’t discriminate by age. Have you thought about what will happen to your spouse or young children if such an unfortunate event occurred?
Estate planning is something every adult, young or old, ought to consider.
Young Couples Should Have a Will
A study by YouGov and Caring.com revealed that more than 40% of young adults in the US have not even talked to anyone about writing a will or estate planning. Many young couples put off estate planning as they don’t feel it is a priority.
But young couples should be just as concerned about estate planning as older couples. Here’s why:
Ensure Someone’s There to Care for Your Children
Estate planning is crucial for young couples with children. If any or both of you should become incapacitated or die while your children are still minors, your will determines your children’s legal guardian.
Taking time to ponder this scenario not only puts you at ease knowing your kids will be safe, but it protects them from an uncertain future and ensures some form of stability after you are gone.
Get the Medical Treatment You Want
Many young and healthy couples are in the prime of their lives. They don’t think they could become subject to life-threatening medical conditions. However, these unfortunate incidents can happen to anyone.
If you become incapacitated, you may not be able to express your choices for medical care and treatment. However, if they are outlined in your will, your loved ones can direct health care providers in accordance with your wishes.
Decide Where Your Assets Will Go
Whether you want your assets to go to a specific person, a charity, or to be under the care of trust until your children come of age, you can ensure this occurs with a will. With an estate plan, you can decide exactly where your assets go and who benefits from them when you are gone.
For example, you can ensure that your spouse and children can access bank accounts, life insurance, retirement funds, and other assets quickly and easily.
If You Don’t Decide, the Court Will
If you don’t decide how your assets ought to be distributed after your death, the court will. The state will make the choices you are not willing to make now. Without a will, your family will need to go through probate—a long, expensive, and tedious process.
This could often lead to family disputes over who receives what assets. The court may distribute your assets in a way that does not benefit your family as much as you would have hoped.
Call an Estate Planning Attorney
Estate planning and preparing a will is something that every adult ought to do. It is even more important when you have people that are dependent on you. Get the conversation about estate planning started by contacting the attorneys at Kademenos, Wisehart, Hines, Dolyk & Wright Co. LPA and scheduling an appointment to speak with an attorney from our law firm.