If I am still young, is it important for me to do Estate Planning?

Yes. Unfortunately accidents and illness strike those who are young and old. If you are young and have children it is especially important to plan your estate. The key reason for doing so is to name the person you desire to care for your children if you are unable to do so. This person would be called your children’s “Guardian.” Naming your children’s guardian helps to avoid conflict in your family. Another reason it’s important for parents of young children to create an estate plan is to have control over the timing of the distribution of their assets to their children. As a result of Term Life Insurance policies, many young parents leave their children significant assets upon their death. If a parent does not create an estate plan that lists the age their children will receive those assets, the State Statutes will determine that age. According to the Statutes, children will receive their assets at eighteen years of age. It is my experience that age eighteen is far too young. I have seen assets wasted by children who received them at too young an age. I recommend parents create an estate plan that allows their assets to be used for their children’s health, education, and medical needs no matter what the child’s age. However, I recommend against outright distribution to the child until the child has reached a responsible age, which would generally be older than age eighteen.

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