Estate Planning Considerations for Young Families

The word ‘estate planning’ conjures images of prosperous retirees who’ve spent their lives building up wealth and now want to make plans to pass it on to loved ones. Rarely do you think of young families needing to preserve assets and create inheritances. 

The truth is that estate planning is valuable for anyone at any age, but once you have children, it becomes urgent. What would happen to them if both parents pass away while they are still minors? How would they be able to afford college later?

In this blog, the team at Auricchio Law Offices will review the top estate planning considerations for young families, many of which don’t come to mind when you’re starting out in life. 

Who Will Take Care of Your Children?

This is one of the most difficult considerations, as no parent wants to think about a time when they may no longer be there for their children. Drawing up a will and appointing a guardian now will give you peace of mind knowing who will raise them if something does happen. You should also name a backup guardian in case your first choice is unable to assume the responsibility when the time comes.

How Will the Children Pay for College?

Ask any parent with college-age children: tuition is expensive. By taking out life insurance now, you can provide your children with the financial security needed to support their current standing of living and even pay for college or university when the time comes. An estate planning lawyer can help you identify the right insurance product for your family’s needs.

How Will Your Assets Be Managed?

What assets do you have right now? A home? Car? Bank accounts? Expensive family heirlooms? Drawing up a will that itemizes your current assets and provides for their distribution after your death can ensure that they are managed according to your wishes.

How Can You Minimize Taxes?

When your will is probated, a lot of additional expenses are involved, including taxes. These fees can reduce the size of your estate and leave your loved ones with less of an inheritance. An estate planning attorney can work with you to draw up a trust and transfer money and assets into it. When you pass away, your beneficiaries will receive the property according to the terms of the trust, without the costs of probate.

Who will Make Your Medical and Financial Decisions if Necessary?

Estate planning protects your estate and your loved ones if you should pass unexpectedly, but that’s not all. It can also protect you if you become too ill or disabled to make your own medical and financial decisions. Having an advance directive for healthcare and a durable power of attorney for finances can ensure your ongoing medical care and financial well-being while you are incapacitated.

Schedule a Meeting With an Indiana and Illinois Estate Planning Attorney Today

When you’re newly married and/or expecting your first baby, there are a lot of things you’d rather do than plan for your future death or incapacity. What you need to do is think of the alternative: a court making decisions that you would rather make yourself.

At Auricchio Law Offices, we have helped many young families secure their futures, and will do the same for you. To schedule a no-obligation consultation, please contact us or call 312-263-0010 today.

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Auricchio Law Offices

Auricchio Law Offices in Chicago provides a complete range of real estate services. We facilitate residential and commercial real estate transactions, advise and represent condominium associations, and represent property owners in real estate litigation. Whatever your real estate issue, we will work diligently to achieve your goals in a timely and efficient manner.

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