Estate Planning for Couples Married With Children

For young parents, setting up a basic Estate Plan is the single most important thing you can do to make sure your child or children are cared for by the people you would choose if anything should happen to you. In your Will you can designate a person as a Guardian to care for your children if you die before they become legal adults. And you can designate a property guardian or trustee to manage your money for your children until they reach adulthood. You can appoint one person to act as both personal and property guardian, or choose two people to carry out the separate roles.

A basic Estate Plan consists of a Will, Power of Attorney and a Living Will.

A Will is a legal document that contains your instructions as to who you want your property given away to after your death. Even if you aren’t rich, you still need a Will to spell out your wishes for your children and for your property in case you die. Without a Will, you are considered “intestate,” which means that the government will decide who inherits your property. The Courts will decide who the guardian for your children will be which could lead to your loved ones spending countless hours and dollars in Court and against each other to carry out what they think you would have wanted.

If you become incapacitated you may lose the ability to decide your own medical treatments. If you haven’t formulated any instructions, no one will truly know what you want. A power of attorney enables you to name a person to make decisions for you in the event you can’t. This person would serve as your proxy in the decisions about your medical care or financial affairs. This is especially important if you are young because you want your loved ones to know who you would select to make these decisions for you to avoid what could be a costly court battle between family members.

A living will provides your health care providers with specific instructions from you about what your wishes are if your medical condition is terminal but you cannot communicate. This removes difficult decisions from your family. Every young couple should prepare a living will and power of attorney before it becomes too late for them and their family.

Our Estate Planning Group of attorneys bring specific skills to assist in a team approach with your Estate Planning needs. Put our Estate Planning Group of attorneys to work to complete your Will, Power of Attorney and Living Will.

We create customized Estate Plans across Idaho. We can help you and your family too.

Call us toll free at 877.232.6101 or 208.232.6101 for a consultation with our team of attorneys in Idaho. You can also email us directly at racine@racinelaw.net. We will answer your Idaho Estate Planning questions.

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