There is no greater joy than the experience of having your first child, but when the initial excitement subsides, you may feel an added sense of responsibility that is quite profound. After all, it can be a revelation to suddenly recognize that you are now responsible for the health, happiness, and well being of another human being. There are many things to consider, and life is never quite the same after you become a parent.
One of the things that young families should take very seriously is the need to have an estate plan in place. Some would say that it is not necessary for young people to begin planning their estate so soon, but they may not be taking every possibility into account. For one thing, there is the matter of child guardianship. When you are young you may feel invincible, but we read about young people being killed in traffic accidents every day. It is important to make out a will and state exactly who you choose as guardian of your children in the event of your death. Imagine a potential struggle between your loved ones for guardianship in the event of a tragedy. This can be avoided by simply making your wishes known in your estate plan.
Even if you don’t have a multitude of assets to distribute as a young person, there is still a financial element to consider. If you were to pass away, your spouse and child or children are going to have to make due without your income. Most young couples today really couldn’t afford a sudden loss of one partner’s financial contribution to the family. For this reason it is advisable to examine your finances and make sure that you have life insurance that is adequate to provide for the needs of your family.
These are just a couple of things to consider, and there are others that would be discussed if you were to consult with an estate planning attorney. The responsibilities that accompany parenthood are considerable, and it is important to make sure that your family is prepared for any eventuality.