There is a common misconception around estate planning: that it’s only something you need to worry about when you start getting older. In reality, working with a wills and estate lawyer is something that confers benefits in many stages of life. Rather than being something that can “wait for later,” doing the work now can create peace of mind for decades to come. With that in mind, there are particular advantages for the parents of young families.

Even if your situation seems straightforward and easy to manage now, consulting with Edmonton estate lawyers can help protect your family in many potential situations. Let’s consider how planning today provides safeguards for tomorrow.

Ensure Your Children are Protected

No parent wants to confront the idea of a future in which they aren’t able to watch over and care for their children. Such circumstances are challenging to consider, but realistically, there is no way to predict what might happen to you in the future. Making a plan for such a scenario now provides the peace of mind that comes from the knowledge that you’ve taken concrete steps to ensure the continued well-being of your children. Consider that if there is no surviving parent and no will in place, there can be consequences such as:

• A need to rely on the courts to make decisions about what actions are in your child’s best interest. These decisions may not align with your wishes or the choices you would have made.
• A significant potential for family strife as a result of disagreements about how to care for the children.
• Lengthy court procedures can become expensive over time, placing a burden on the estate and the family.

With a well-written will, you can set expectations and guidelines related to the child’s upbringing. You have the opportunity to designate a guardian of your choice for minor children in the event of the loss of both parents. These opportunities are even more critical for parents of disabled children, as wills can help ensure that they will continue to receive proper care.

Make Plans for Long-Term Financial Security

Children who receive inheritances cannot claim them until they turn 18. If their parents die without a will, that can leave their inheritance under government supervision through the Office of the Public Guardian and Trustee. In turn, this can ultimately reduce the value of the inheritance. It also creates further complications upon their 18th birthday. Your child may receive a significant amount of money with no guardrails in place for the use of those funds.

Consider instead the scenario in which there is a will in place. You can then specify when and how your child receives the funds. Typically, parents choose to release the funds to their children at age 25, but it is also possible to provide payments at different intervals. For example, you could specify the release of a portion of the inheritance at 25 and then 30.

Plan for the Short Term Impacts, Too

Wills and estate planning are robust tools for long-term security. They also enable families to avoid additional stress during the challenging period following the loss of a parent. Without a will, it can be more challenging to do seemingly simple things, such as accessing the deceased parent’s bank accounts. Such roadblocks can make it difficult to pay bills on time or provide for the children in the near term. With a will in place, you can potentially accelerate access to bank accounts and other payouts, such as those from life insurance policies, while avoiding the lengthy probate process involved for intestate individuals.

There’s More to Consider Beyond Wills

Good estate planning involves more than just creating a last will and testament. There are other tools and steps to take that can ensure a more stable environment should an unfortunate event occur. These include:

• A Personal Directive can provide for necessary actions and family care in the event of a severely incapacitating event for a parent.
• Power of attorney, which helps young families designate someone trusted to step in and make particular decisions if a parent is unable to do so, such as financial decisions.
• Properly designating beneficiaries on insurance policies to ensure prompt payouts to the appropriate individuals.

Working with a wills and estate lawyer can help you explore these options and understand what steps to take.

Secure Your Future by Planning Today

At Lypkie Henderson, our Edmonton estate lawyers are ready to provide young families with insight into the value and importance of planning for the future today. Though considering difficult future possibilities is not easy, trusted legal support can help you build a firm foundation to protect your children and their interests now and in the future. Connect with us today to find out more about getting started.