In most states, spouses can purchase and own property separately from one another. However, in community property states, if one spouse purchases property, it is the property of both spouses. This has implications for both estate and tax planning.
ESTATE PLANNING LAWYERS
IN NEW JERSEY CAN HELP YOUNG PARENTS:
- Provide for guardianship of their children should they pass away
- Ensure that children’s caretakers can obtain medical treatment for them
- Build a financial legacy for their children
- Create a safe structure to pass assets to the next generation
When you welcome a new child into the family, it’s a time of wonder and excitement. It’s also a time of new responsibilities. One key responsibility is ensuring that your child is provided for in the event that you pass away unexpectedly or become incapacitated. While every parent wants the best
for his or her children, many young parents neglect these measures.
Some young adults simply believe it’s too soon to think about estate planning in New Jersey since they expect to have many healthy years ahead. Others don’t feel that they have enough assets to bother with estate planning. However, any adult with dependents should take certain steps, and young parents are no exception. In fact, these measures can be all the more critical for those with young children.
When young adults take steps to protect their loved ones, many make the mistake of resorting to forms rather than making a full analysis of the family’s estate planning needs. Some truly believe that a do-it-yourself will is all they need, while others view it as a temporary measure that’s better than nothing in the short term. However, there’s more to manage than many young adults realize.
Some core issues young parents should consider, particularly when there’s a new addition to the family, include:
- Creating or updating wills to ensure that children are protected in the event of the untimely loss of parents.
- Nominating guardians so you can be confident your children will be cared for by someone you trust should they be orphaned or you become incapacitated.
- Securing life insurance or other financial safety nets to provide for children after your death.
- Appointing a trusted and qualified person to manage assets you leave behind for your children.
The best way to protect your family may differ depending on your goals, the age of your children, whether you are a single parent or two-parent family, what type of assets you have, and a variety of other factors. The experienced estate planning attorneys at Willis Law Group LLC can guide you through the analysis, helping to create the comprehensive estate plan that’s right for your family.