Estate Planning for Young Families
Nov. 30, 2023
When doing Estate planning, it is often associated with older persons, however, it is important for young families to think of having a plan in place as well.
Young families with minor children need to think of appointing a guardian to care for their children in the event something should occur to your spouse and you.
Without a proper plan in place, it would be up to the courts to decide the guardianship and that person may not have been your first choice. When a minor inherits property, the guardian will be appointed to handle the property on behalf of the minor until they reach the age of majority.
The responsibility of the guardian to oversee the property, making decisions on investments and using the income by investment properties for the benefit of the minor.
Without any kind of a plan in place, the state will distribute your assets according to state law. All of this may not align with your wishes.
The office of David Scillieri has 40 years of experience in Estate planning and can help to navigate your plans and put together your decisions on your behalf to ensure and protect your assets and your children.