While many people think of senior citizens when they consider who should make an estate plan, older people are not the only ones who benefit from planning ahead. In fact, for young couples and young families, the estate planning process can be especially important.
If the couple has a young child, instructions must be provided for who should become that child’s guardian if something should happen to the parents.
There must also be provisions made for the child’s financial support if the parents pass away.
If a young couple is not yet married but they wish for their assets to be left to each other or their partner to act as their agent in case of incapacity, estate planning is also necessary to make that happen.