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Start your estate planning now. Waiting could be costly

Delaware's young couples who are just beginning their parental journey probably spend most of their time focused on the present and the near future. Raising young children takes a great deal of commitment, and life can be hectic at times. Because of this, they may not have their minds on the possibility of not being there for their children and fail to take the time to consider estate planning.

The fact remains that an estate plan may be even more important for these young Delaware families. Dying without a will could mean that a couple's children would end up with someone of whom they would not approve. A last will and testament not only allows for the disbursement of property upon death, but also allows parents with minor children to appoint a guardian to care for them if the worst happens.

Another consideration for younger couples is purchasing life insurance. Premiums are often much lower at this point in life, which means that it may be possible to purchase more coverage. Making the right investments may also be better at this point since they can be "safer" because time is considered to be on the investor's side. Beneficiary designations that come with assets such as life insurance policies and retirement accounts can also provide for surviving family members after death.

These are just some of the issues couples consider when engaging in estate planning. In order to structure the best plan possible, other documents such as trusts and powers of attorney may be beneficial. To help ensure that their wishes are carried out as closely as possible, a better understanding of what options are available could prove invaluable.

Source: auburnjournal.com, "Legacy planning isn't just for your parents or grandparents," Glenn Kenes, Dec. 7, 2017

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