There are people who think that estate planning is something that is only important for senior citizens. We are all aware of the fact that people become more likely to pass away as they age, and in fact the average life expectancy in the United States as of this writing is between 78 and 79 years. But does this mean that you can wait until you are about 70 before you have to take estate planning seriously?
The answer to this question is a resounding no. In a very real sense, it could be argued that estate planning is even more important for younger adults than it is for senior citizens on one level. When you have a spouse and minor children it is very likely that they are depending on your income to maintain their standard of living. Your loved ones are probably relying on you more when you are younger than they will be when you are an elder and this is something to keep in the forefront of your thinking.
One of the things to consider when you are making estate plans with minor children in mind is the matter of guardianship. Though it is unlikely and of course it would be truly unthinkable, it is possible that both parents could pass away together in an accident. So, to make sure that your wishes are known it is important to name a guardian when you are planning your estate as a parent of minor children.
In addition, you’re going to want to provide financial resources for the child and this can be done through the purchase of life insurance. Since minors can’t control their own assets you could either appoint a custodian to act under the Uniform Transfers to Minors Act or direct the funds into a trust to be administered on behalf of the child or children.
If you are interested in taking steps to protect your children, simply take action right now and arrange for a consultation with an experienced estate planning attorney.
Mr. Nirenstein is licensed to practice before the courts of the State of Connecticut and the United States District Court. He is a member of the Connecticut and Hartford County Bar Associations, and the Estate and Probate, Elder Law, Business Law and Real Estate Sections of the Connecticut Bar Association.
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