Most people assume that estate planning is all about what happens to your property when you pass away. For that reason, many young, single people and young families don’t put estate planning as a top priority, but it can be one of the crucial things that young parents can do, especially considering that someone might need to step in and become the guardian of your minor child. 
The last will and testament or your will is the only document in which you can state who you want to take care of your children if both parents were to pass away. You can also explain in this document who should be managing the money available to care for those children. You should not always assume the same person will do both. In some situations, putting a clear separation between those who have free access to the money left behind and those who care for the children is a wise choice.
If you don’t have clear instructions outlined in your estate plan, however, those left behind can have strongly worded and different opinions about how the children should be cared for and where they should live. You don’t need to pass this additional pressure on to your surviving children. In addition to contemplating who will be the guardian of your kids, there are important issues that an estate plan should encompass that have nothing to do with your assets.
For example, an often overlooked but important aspect of estate planning has to do with incapacity. If something were to happen to you and you are no longer able to make decisions for yourself, who would be eligible to do so? Who is appointed in this important role of making legal and medical decisions on your behalf. If you don’t appoint someone to represent your best interests now, you could make it that much more difficult for your loved ones when something happens to you. Schedule a consultation with an attorney who has been practicing in the field of estate planning for many years to get a better handle on what is involved and how to avoid the most common pitfalls that put beneficiaries and spouses in a difficult situation.
The selection of your lawyer will help you figure out your next steps in the planning process.
