“There is no time like the present” is an oft-used phrase that applies to estate planning. Starting the process of drafting a will or establishing a trust is not exclusive to the older generation. The sooner you start, the more peace of mind you will have for taking these essential proactive steps.
Providing you a voice
Should you suffer an illness or injury where you can no longer communicate or make decisions for yourself, an estate plan serves as a voice that spells out specifics regarding medical treatment, estate administration, and guardians for your children. Taking the time to gather family members together allows you to communicate your intentions while you still can.
Estate planning also requires trusted loved ones to fill various roles that include:
- Personal representatives or executors help to execute the will, oversee assets, pay debts. For couples in the early years of marriage, spouses can easily fit into that role.
- Many couples enter marriage with a pregnant wife or children born before the ceremony or from a previous partnership. Guardianships can ensure that your kids will be provided for should a tragic event occur.
- Powers of attorney are paramount as well. A Financial POA designates the person responsible for legal affairs. Medical POAs authorize the individual to make medical decisions and directives.
No one wants to remotely consider a time when they will no longer be alive. However, those newly married and wanting to start a family or already have children should see it as an opportunity to provide security. Estate planning is not about your demise. It is about leaving behind a legacy and ensuring that your family is taken care of long into the future.