The specialty of estate planning is in fact one aspect of elder law, so it is not surprising that it would be categorized out of hand as being something that younger people need not be concerned with. However, this is not entirely true. The minute someone else is depending on you in any way is the minute that estate planning becomes relevant to you.
When you have children the issue of guardianship is something that should be addressed. If you and your partner were to pass away in a fatal traffic accident, who would raise your children? This is a possibility that everyone should consider and it is a rudimentary staple of your estate plan if you have dependent children.
During these times most young families depend on the combined income of both partners to make ends meet and maintain a particular standard of living. Should either party pass away in an accident or due to an unexpected illness, a significant financial void is likely to exist. Life insurance is the ideal income replacement vehicle, and it is important to make sure that your coverage is sufficient. Ask yourself how long your family will be able to get by given the coverage that you have. Do the math, review your coverage as the family grows, and make adjustments when necessary.
A Living Will
Looking out for your family in the event of your incapacitation or death is what estate planning is all about, and this extends beyond financial matters. You wouldn’t want your family to be faced with the prospect of having to make a life or death medical decision in your behalf without having full knowledge of your wishes. Through the execution of a living will, you can record your preferences concerning things like being kept alive on life support and take this agonizing decision out of the hands of your loved ones.
Levine & Furman, LLC is a member of the American Academy of Estate Planning Attorneys.