November 30, 2021
Michigan Will and Trust Lawyers: Estate Planning Essentials for Young Families in Michigan
Young families are busy! They are often raising young children and at the beginning stages of their careers. Estate planning is often at the bottom of their priority list – if it is even on the list at all! But our Michigan will and trust lawyers would like to help bump that priority up by explaining several reasons why young families need estate planning.
Who will raise your children if you can’t?
The odds are in your favor here, but there is a chance that something could happen to you and your spouse. If that happens, who will raise your children? Will anyone step up? Will there be a fight among your families about who raises them? You can avoid all of this trauma for your children by naming a guardian in your will. Remember, assuming guardianship of minor children is a major responsibility. Be sure to ask your preferred guardian if they would be willing to take over the responsibility first.
How will your money and property be left to your children?
If you do not have an estate plan in place, upon your death, your children who are under 18 would inherit their share of your estate and it would be held in trust in their name. Your children would then have access to those assets at age 18. Most parents think that leaving money to an 18-year-old would be a bad idea. You can control this by specifying in your will that your child’s inheritance should be held in trust for them until age 25, for example. A Special Needs Trust is an equally vital tool if your child has disabilities to ensure the inheritance you are leaving behind for him or her does not prevent them from receiving key public benefits such as Medicaid.
What happens to your family if one of you becomes incapacitated?
It’s not pleasant to think about, but what happens to your children and your spouse if you become incapacitated? With an estate plan, you and your spouse will create powers of attorney. These documents will allow someone that you name to act on your behalf for medical and financial matters. Usually, people pick their spouse to serve, but you might choose to ask others. Having these documents in place means that bills will continue to be paid and that someone who knows you well can make medical decisions that you would have made on your own if you could.
Parents – take steps to protect your family, even while your kids are young. Once you’ve done so, you’ll experience a sense of peace that you didn’t even know you were missing. Take the time to call to schedule a consultation.
About Castle Wealth Group
Contact Castle Wealth Group for all your estate planning needs. We build a perfect strategy for your retirement, including income planning, investment planning, tax planning, health care planning, and legacy planning. Visit our website or call us at 844.885.4200 or email us for your financial advice.
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