While no one wants to face their own mortality, the concept of estate planning is something that everyone must think about at some point. It’s incredibly easy for young parents in California to assume that the need for early estate planning isn’t there, but it certainly is.
If you’re a young parent, you are already facing an entirely new level of responsibility. That new life that you brought home from the hospital is completely reliant on you for food, water, shelter and every other life necessity.
What parents need to know about estate planning
What’s important to realize, however, is that your responsibility to your new child isn’t limited to the tangible things that they need to survive. As a new parent, you are financially responsible for the well-being of your child until they reach adulthood.
It’s equally important to know that proper estate planning isn’t limited to wills and trusts. While it’s vital to have a plan for what happens to your current assets in the unexpected event of your death, it’s also crucial that you have a plan involving life insurance, potential trusts, and more.
Being prepared is important for any parent
People may wonder if there’s any need to address estate planning when they are young, in good health, and seem to have their entire lives ahead of them. Unfortunately, death rarely comes at an expected point, and being prepared is vital to your child’s future.
A lawyer who is experienced in estate planning and preparation can help walk you through the idea of making these plans, no matter how uncomfortable the idea may make you. That’s why it is so important for clients to discuss their goals, both short term and long term, with a trusted attorney.