Many young couples choose to hold off on estate planning because they feel they are too young to worry about estate planning and death. Maybe it’s because they think they don’t have enough assets to begin an estate plan or they just don’t want to think about death and what may happen to their minor children. However, having minor children is reason enough to being the estate planning process. And being young and healthy is not a “get out of jail free” card when it comes to death, as Houston accidents happen all the time.
If you have minor children, you should consider initiating the estate planning process immediately. While it’s not the easiest topic to discuss, it’s one of the most important things you can do for your family. The estate planning process is not too difficult, and it helps to be prepared before you start. The process is much easier when you know what is expected of you:
- Name a trusted individual to be the executor of your estate.
- Appoint someone to be the guardian of your children. It helps to have a successor guardian in the event your first choice cannot serve.
- Provide adequate instructions on how assets are distributed.
- Appoint someone as trustee if you plan to leave assets to your minor children. This person will manage the inheritance until the children reach the age of majority.
Consider hiring a Houston financial and estate planning expert to help you through the process. As your family grows and you acquire more assets, you can always add and change the estate plan as needed. The important thing is you’re ensuring that family members won’t have to look to the court to oversee the distribution of the assets, or determine the children’s guardians.
Reference: Ford & Bergner: (April 19, 2016)