Do Young Families Need Estate Planning?

Young adults and families are excited about all that the future contains. While that’s a wonderful thing that nothing should take away from, it can sometimes mean that they put off important planning steps that can protect their family in the event that an accident happens. Young families need estate planning just as much as more established ones.

Estate Planning Is About More Than You Realize

Some young families assume that estate planning only matters for families and individuals that have a significant number of assets. In reality, estate planning is about far more than just what will happen to your assets if you are no longer able to manage them. In the estate planning process, you will name someone to administer the estate, name a guardian for any minor children, provide instructions on how to distribute your assets and more. Young families need estate planning.

What Should You Consider When Planning Your Estate as a Young Family?

Working with an experienced attorney at Mobley & Brown, LLP, can ensure that you carefully consider the answers to the questions that will guide your estate planning. Some of the questions you should think about include:

  1. Who will take care of your children in the event that you, the other parent or your spouse will be unable to care for them after you are gone? Do they have stable relationships and finances? How close do they live? Will they be able to provide your children with the life that you want them to have?
  2. Do you have life insurance policies or other policies that can offer your family additional security? How can they access them?
  3. Do you have a trust set up? How will you make sure there is minimal confusion about your wishes when you are no longer here to clarify them?
  4. Who will manage the distribution of your assets? Do you have someone who is able to follow your wishes without conflict or issue? An attorney can also be named as the executor of your will.
  5. Who will make medical and financial decisions on your behalf if you are injured and unable to do so? Should the same person be responsible for both of them? We are always here to help young families who need estate planning.

Contact Mobley & Brown, LLP for Help for Young Families Who Need Estate Planning

If you are searching for an estate planning and family law attorney in Maryland and unsure where to turn, contact Mobley and Brown, LLP today. Our experienced legal team will work with you to meet your needs. Call us now at (410) 385-0398.