If you and your spouse are fairly young with small children, you may not think much about passing away at an early age. However, since life can be unpredictable, there is always the possibility that you could die.
Because of this, you should seriously consider planning out your estate for your children's sake. Besides choosing a guardian in the event that both of you pass away, there are a couple of other reasons why estate planning is important when you have young children.
1. Allows You to Leave Specific Instructions and Messages for Your Children and Their Chosen Guardian
One reason why making plans for your estate and children is a good idea is that doing so allows you to leave specific instructions and messages through the documents or even with videos. This is important because you may want to make sure that your children are brought up in a consistent manner with the methods you are currently using to raise them.
As part of the planning process, you can also record or write out messages for your children that can be left with your attorney which can be given to them at milestones in their life, such as graduation or when they get married. It allows you to be a part of their life even if you cannot be there physically.
2. Enables You to Protect Assets That Should Go to Your Children from Other Parties
Another reason why it is important to make plans for what will happen with your estate in regards to your children if you were to die is the protection of your assets. If you do not have any legal plans in place, if your spouse remarries, their new husband or wife could potentially take over any property or money meant for your children.
However, if you put the assets in a trust or have other legal orders about your assets going to only your children, only they will have access to them. Your lawyer can help you set up the trust or other documentation to ensure your children will receive what you left for them.
Especially when you have young children, you want to make sure that they are taken care of in case something happens to you. Not only does planning for your unexpected and unlikely passing at a young age allow you to choose who will take care of your children, but you will also be able to leave specific instructions while protecting the assets meant for your children's future. For answers to any questions you have about the process, make an appointment with an estate planning attorney.