If you’re a parent, the time to do your estate planning is right now. Many people who put it off will say that they’re still too young. They may be in their 20s or 30s and, despite having a new child, they assume they won’t have to pass any assets to that child for another several decades.
That gives them plenty of time to get their estate planning done, right? Maybe not. Read on to learn more about why you’re never too young for estate planning, especially when you have a child.
Your child needs a guardian if anything happens to you
In actuality, the birth of a child is one of the key life events that means it’s time for you to do your estate planning. For a moment, forget about your assets. Even if you’re not worried about the financial side of things, you still need to pick a guardian for your child.
Just think about the life that you hope to provide for that child. You want them to get a good education, to have a stable upbringing and to be set up for a lucrative career. If you’re around to provide all of that for them, that’s wonderful. But, if the unexpected happens and you cannot be there for your child, you want to know that you have someone with similar values and goals who will step in and take on that role. That’s the security having a guardian can provide.
Is it a guarantee that you’ll need to call on the guardian? Of course not. Hopefully, you never do. But this is still one of the best ways to guarantee a bright future for your child and give yourself the peace of mind that comes with knowing there is a plan in place. That’s the value of estate planning, even for young parents.
How should you start estate planning?
If you’re interested in creating an estate plan, just make sure you know how to get started so that the plan is legally drafted and filed correctly. Working with an experienced advocate is the smart choice.