For young people, estate planning is often the last thing on their minds. If you’re running your own business or caring for your newborn child, where are you going to find the time?
While estate planning may not be your top priority as a young parent, it is certainly something that warrants consideration. If not solely for your sake, then for your children. Outlined below are some of the key ways that estate planning can benefit your young children.
While you may be perfectly fit and healthy just now, you never know what is around the corner. Illnesses and accidents can be indiscriminate. Though you should not obsess unhealthily over illnesses and accidents, there is no need to discount the possibility that you could die before your child is grown.
Being prepared with an estate plan allows you to ensure that your children have access to financial stability. You can set up trust funds that guide them through the years. You can leave aside money for their education. You can even leave properties in their name if that is your wish. Knowing that your children will be financially stable in any circumstances can actually allow you to lead a more comfortable life.
It’s about more than finances
The financial aspect of your estate plan is extremely important, but this is not all there is. Through different estate planning tools, you can nominate legal guardians for your children. These can be friends or close relatives, so long as they are physically and emotionally able to care for the child. Knowing that your children will have loving people around them indefinitely is one of the more rewarding aspects of estate planning.
Estate planning can seem daunting at first but it is really nothing to be scared of. As you make plans for the future, make sure you have a full awareness of your legal rights.