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Even young parents can benefit from estate planning

| Mar 11, 2021 | Estate Planning

You may have recently married and have had your first child, and now you are looking to protect your new family’s future through estate planning. Some people in Ohio may have the misconception that estate plans are only for the old or wealthy. This is not true. Even young adults, parents especially, can benefit from estate planning. The following are some estate planning documents young parents may want to consider executing.

A basic will

One important estate planning document is the basic will. In a will, you can specify how you want your estate distributed to your spouse and child if you pass away. It is important to note that in your will you can also appoint a guardian to your child. This can be essential if you and your child’s other parent both pass away before your child is grown.

Power of attorney

We would like to think that we will live to a ripe age and pass away peacefully. Unfortunately, this does not always happen. Even a young adult could suffer an incapacitating illness or injury, rendering them unable to make decisions on their own behalf. Fortunately, by executing a power of attorney a young adult can select the person they will want to make decisions on their behalf if they are incapacitated. A medical power of attorney designates a person to make health care decisions while a financial power of attorney designates a person to handle financial affairs.

A living will

In a living will, you can make known your end-of-life wishes. You can indicate whether you want CPR performed, whether you want to be intubated if necessary or if you want life-sustaining treatment. This is important not just for your own sake, but for the sake of your loved ones who will not have to guess what your wishes will be during an already stressful and emotional situation.

Learn more about estate planning

As this shows, even young adults — especially young parents — can benefit from estate planning. This post is for educational purposes only and does not contain legal advice. Our firm’s website on estate planning may be a good resource for those who want to learn more about their rights and options.

 

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