Young Parents Should Take Nothing for Granted
When you are a young adult you may feel a bit invincible, and this is understandable. However, when
you have minor children still in the home you definitely must take action to put an estate plan in place.
This is something that you should do when your first child is born, but if you have been procrastinating
you have the ability to ensure the well-being of your at children any time.
If you are married and you have children you have to consider the possibility of both you and your
spouse passing away in an accident when you are together in a motor vehicle. These types of things do
happen, and incapacity can strike as a result of an accident as well.
Of course single-parent households are quite common in the United States these days. When you are a
single parent who has young children still in the home you absolutely must have an estate plan in place.
Estate planning for parents with young children will include the selection of a guardian. You should
also take steps to make sure that there is some type of financial underpinning in place for the benefit of
the children should the unthinkable take place.
This can be done through the execution of a last will that contains a testamentary trust for the benefit of
the children. You could purchase life insurance and direct the proceeds into the trust.
Now is the time to take action if you are currently unprepared. With a simple visit to a licensed estate
planning attorney you can execute a solid and comprehensive plan that protects your minor children.
Experienced estate planning attorneys Indianapolis IN of the Frank & Kraft Attorneys at Law offers
estate planning and business planning resources to residents of Indianapolis IN. To learn more about
these free resources, please visit http://www.frankkraft.com today.