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Why should younger couples consider estate planning?

On Behalf of | Jul 2, 2021 | Elder Law |

Younger couples in the Indianapolis area may be tempted to put off estate planning.

They may think it is going to be a costly and time-consuming process that, in the end, will not matter much since they do not own a lot of property.

Too many Indiana residents do die younger than anyone expected. It can also be surprising how much property a young person can have at the time of death that could ultimately pass through the probate process.

For example, if a person dies because of an accident, his or her estate may be entitled to millions of dollars in compensation.

Having at least a simple estate plan including a will is prudent. Also, younger couples actually have some unique estate planning circumstances they will want to consider.

A young couple will want to nominate a guardian for their children

If both parents of minor children should become unable to continue providing the children care or support, then someone will need to step in to raise their kids.

In this respect, parents are allowed to suggest a guardian for their children in their wills.

There is no guarantee that a court will actually grant this request, since the court’s primary concern will be protecting the best interests of the children.

However, the court is supposed to consider the parents’ nomination of a guardian when making its decision.

In addition to preparing their wills, parents should also talk with the person of their choice so that the person knows what to do in the event of a tragedy.

Advance directives are a good idea for people of all ages

Younger people should also consider whether they should prepare advance directives in case they need someone else to make important financial and medical decisions.

While no one wants to think of it happening to them, people in their twenties and thirties can get seriously hurt or develop debilitating illnesses with little or no warning. They should have a plan in place should they no longer be able to manage their affairs or make medical decisions.