4 Estate Planning Tips for Young Families by Estrada Legal, P.C.
Tips for young families by Phoenix Estate Planning Attorney, Giancarlo Estarada.
To many young parents, it may seem premature to begin estate planning so early in your life. But it is never too early to make sure that your family is protected in the event that unexpected happens. If something were to happen, your family and friends would need instructions for taking care of any of your assets or members of your family. Here are some†estate planning tips for young families to follow to make sure they and their loved ones are protected:
1. Identify a Guardian
Writing a Will doesnít have to be an expensive, stressful process. Whether you write up a Will yourself or seek legal advice for the process, it is important that your children are taken care of in the event of a tragedy, and a guardian of your choosing is identified.
Deciding who would make a good guardian for your children may be a tough choice, but without an official document stating who you would prefer to have that responsibility, the court would have no way of knowing, and would have to choose the guardian for you. This may result in undesired results.
2. Prepare your Will
In addition to identifying a guardian, your Will will allow you to designate where your belongings would go, whether it be to your children, friends or other family members. †Without a Will, a court must follow default laws which may not fit your circumstances.
3. Designate a Power of Attorney
A Durable Power of Attorney isnít important just in the case of an untimely death or emergency. This document gives another person (or several individuals) the rights to manage your finances and sign legal documents on your behalf, whether it be because you are in the hospital and unable to access these documents, or out of town and not around the make necessary payments on a mortgage or bill.
4. Invest in Life Insurance
In the event of an unimaginable event, mortgages may need to be paid, college tuitions funded and incomes replaced. Life insurance may serve a critical role for protecting your family.† There are many different types of life insurance products and we can introduce you to professionals that can help you explore your options.
About Estrada Legal P.C.
Estrada Legal, PC is located in Phoenix, AZ and offers legal services in†Phoenix Estate Planning for families,†Revocable and Irrevocable Trusts, Wills, Probate, and more. Simply stated, we believe your family is your most important asset and help you develop plans to protect them.† Giancarlo Estrada is licensed in both Arizona and California and is affiliated with the State Bar of Arizona (Probate and Trusts Section), Maricopa County Bar Association, and the Los Angeles County Bar Association. To learn more about Estrada Legal, PC, please visit:†http://estradalegalpc.com
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