Young adults often feel as if they have their whole lives ahead of them. While this may very well be true, it is still important to make plans for negative events that could take place. An accident or illness could quickly change a person’s life, and though you may be young, if you have children, you want to ensure that they are taken care of in the event that something happens to you.
Fortunately, you can utilize an estate plan to ensure that your wishes regarding your children’s care are known and that you have set them up for stability as best as possible.
What steps can you take?
Estate plans can include various tools that allow you to address the needs of yourself and your children. Some steps you can take to create a plan that keeps the best interests of your little ones in mind include the following:
- Creating a will that names your chosen guardian for your minor children
- Appointing a power of attorney agent to make important financial or healthcare-related decisions in the event that you become incapacitated
- Forming a trust that will allow your children’s inheritances to remain under the management of a trusted individual until they reach the age of adulthood
- Taking out a life insurance policy that would allow your children’s guardian to receive funds for their care or to go toward future expenses like college tuition
- Choosing a responsible and trusted executor to handle your assets after your passing and ensure the protection of your children’s inheritances
It is important to remember that an estate plan is not only necessary after a person’s passing. Though the hope is that you remain healthy throughout your life, the possibility does exist that you could suffer a serious illness or injury that leaves you incapacitated. Having information in your estate plan that addresses such a scenario could better ensure you receive the appropriate care and that your children do as well.
How can you start?
Many Tennessee residents are intimidated by the estate planning process, but it does not have to be as overwhelming as many think it is. You can take your time considering what you truly want to express in your plan, and you can obtain help with the legal aspects and with choosing the proper documents by working with an experienced attorney. You may feel a great sense of peace of mind after completing your plan.