There is a common misconception that estate planning is to be utilized only by older individuals. This is not the case. In fact, the earlier one creates their estate plan in their lives, the better things will be in the event of any unforeseen life events.
Within the context of a will for a young family, there should certainly be a provision to account for who will be the guardian of both the person and property for any young children in the event both mother and father pass away. The guardian for the person would take charge of the minor as to their day to day care in the event both parents pass away. The guardian for the property of the minor would take charge of the finances for any monies held for the benefit of those minors. Such a creation would prevent the unnecessary time and expense of having to commence a guardianship proceeding in Court.
Just as with older individuals, a standard estate plan should include a Last Will and Testament, a Durable Power of Attorney, and Living Will with Health Care Proxy. Used in connection with one another, this is a relatively inexpensive estate plan that can secure protection and peace of mind for the young family if properly drafted.
Creating bank accounts, savings accounts, and other financial accounts for the minor children under the UTMA would be another great way to plan for the future and will make things easier in the unlikely event of the passing of the mother and father of young children.
If you need an experienced Long Island estate planning attorney, please contact us at the Law Offices of Michael W. Alpert at (516) 280-7288 or e-mail: malpert@alpertlegal.com.