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Why might a younger couple need an estate plan?

| Mar 16, 2021 | Estate Planning |

Many couples in Orange County who are just getting started may put off estate planning for a number of reasons.

Some may believe it is just too early to think about getting older and dying, while others may be scared off by the cost when money is already tight.

Still others may think estate planning is not the best investment because they do not have a lot of property, and any property they do have is in the form of assets that do not pass through probate anyway, like a house they own together, a 401(k) or a joint bank account.

Parents of small children can recommend a guardian in their estate plan

The reality is that parents of minor children can both die or get too sick to take care of them at the same time. For all example, one car accident can leave children without their mother or father.

Even if they have little property, parents may still want to arrange for the care of their minor children if something unexpected should happen. Under California law, they are allowed to do so in their wills, for example.

While this is no guarantee that a court will appoint the nominated person as guardian, a will can go a long way toward giving parents assurances that their children will be well-cared for should a tragedy occur.

Younger people should make sure that advance directives are in place

Accidents and unexpected illnesses can happen to younger people whether they have children or not.  In these cases, even someone in their 20s or 30s could be in a position where they are unable to make their financial and medical decisions.

Through a power of attorney, a young adult can appoint a trusted person, usually a close friend or relative, to handle her financial affairs if she cannot do so.

Likewise, he may also consider completing an advance health care directive so a loved one can make critical medical decisions if his caregivers cannot consult him directly about his wishes.