Planning your estate is a very important process because it serves as a precautionary measure against the unexpected. In the event of a sudden injury or an unanticipated death it is important to have your affairs in order to ensure that your belongings and family members are protected. But many people think they are not “old enough” to plan their estate. Others think that they do not have enough money or property and there are some that have convinced themselves that while yes, most people will die – they certainly will be an exception. Unfortunately, of course, this is not true. Death is inevitable and, while the younger you are the better your chance of putting this off for a while, the fact is we should all plan for the eventuality.

Now what about that young couple that has limited assets and maybe a couple of kids. They are just trying to get by, so they certainly are not thinking that they have to do any estate planning.  Instead they are more likely thinking: “What do I have to leave?”  Putting aside the question of financial assets for a minute – the first question that they should be asking is – what about the kids?

There is no more important reason for getting your estate plan in place than removing as much uncertainty as possible from your childrens’ futures.  Who is going to be responsible for raising your children? Is this something you want to leave to chance or do you want to pick the person(s) that are going to take care of your kids?  The most important aspect of the estate plan for the younger couple with minor children is to name the guardian or guardians who will be responsible for your children.

Now, what about the assets that you are leaving behind? You may think that you are just getting by, but that may be different after you are gone. Do you own a home? Do you have life insurance or retirement accounts? You will want to make sure that these assets are left for your children and managed in their best interests. Again – this is something that you do not want to leave to chance. You should and you can pick the people that will be responsible to manage these assets so that you can insure the best possible future for your children.

The fact is just going through the process allows you to answer crucial questions for your family’s future. It will also usually result in discussing succession issues with your family members to make sure that they are willing to take on the important roles as discussed after you are gone. Further, and maybe most important of all, if you have a specific plan in place your children will not be left guessing as to what their future holds. Think about that for a minute – don’t you want to leave your children with as little uncertainty as possible?

The bottom line here is that Wills and estate planning are most definitely not just for the aging individual, but are for any person with assets or people that they would like to protect. The process of estate planning is fairly simple when handled by an attorney and is relatively inexpensive and brief.  It doesn’t make sense to wait – ever, and it certainly doesn’t make sense if you have small children at home!