There are several reasons why young families should have an estate plan in place:
To protect your children:
If a minor inherits property, the guardian will be appointed to manage the property on behalf of the minor until they reach the age of majority (or the age you specify). The guardian will be responsible for overseeing the property, making investment decisions, and using the income generated by the property for the benefit of the minor.
To ensure your assets go to the right people
To minimize taxes and other costs
An estate plan can help you minimize taxes and other costs that may be incurred upon your death, such as probate fees.
To make healthcare decisions
Overall, having an estate plan in place can provide peace of mind and ensure that your wishes are carried out in the event of your incapacitation or death. It is especially important for young families to have an estate plan in place to protect their children and ensure that their assets are distributed according to their wishes.