12/09/2021
Many young parents assume that because they may not have a wealth of assets, estate planning is not yet valuable for them. This is a misconception. Consider a situation where young parents pass away before their children turn 18. Their kids cannot directly take control of any inheritance left to them, leaving the court to appoint someone to manage the assets left to the children.
Attorney Stacy DeShon recently worked with a young family to create an estate plan that not only designated a trusted person to manage assets on behalf of the children, but also provided instructions for how the Trustee may use funds to help care for the children as they grow. The clients were extremely grateful that they could retain control over how their assets would be used to help their minor children should the parents pass away.