Estate Planning for Young Families in Missouri

If you are in your twenties or thirties with a young family, estate planning is probably not at the top of your to-do list. You are busy. You are healthy. You have plenty of time. At least that is what most young parents tell themselves — right up until something happens and they wish they had planned sooner.

Here is the truth: young families in Missouri need estate planning more urgently than almost anyone else.

The Guardian Question

If you have minor children, this is the most important reason to have a will right now. A will lets you name a guardian — the person who would raise your children if both parents died.

Without a will, a judge makes that decision. The court will do its best to act in your children's best interests, but it has no idea who you would have chosen. It does not know your family dynamics, your values, or your wishes. It just picks someone.

Do you want a judge deciding who raises your kids? If not, you need a will.

Young Doesn't Mean Invincible

Nobody plans to die young. But accidents happen. Illness happens. The families who are most devastated by a lack of estate planning are often young families who assumed they had more time.

A complete estate plan takes one consultation and a short turnaround. The peace of mind it provides lasts a lifetime.

What Happens to Your Assets Without a Plan?

If you die without a will in Missouri your assets go through intestate succession. For a young married couple with children that means your spouse does not automatically get everything. Your children are entitled to a share — and that share is managed by the court until they turn eighteen.

At eighteen your children receive their full inheritance with no restrictions, no guidance, and no conditions. If you would prefer your children receive their inheritance at twenty-five, or in stages, or only for education and living expenses — you need a trust to make that happen.

Powers of Attorney Are Not Just for the Elderly

A durable financial power of attorney and a healthcare power of attorney are not just for older people. If you were in a serious accident tomorrow and were unable to communicate, who would make medical decisions for you? Who would pay your bills, manage your accounts, and keep things running while you recovered?

Without powers of attorney in place your spouse may not have automatic legal authority to do any of those things depending on how your accounts are set up.

Life Insurance and Beneficiary Designations

If you have life insurance — and most young parents should — make sure your beneficiary designations are up to date. If you named your parents before you had children, they may still be listed as your beneficiaries. Your spouse and children would get nothing.

Review every financial account, retirement account, and insurance policy you own. Make sure the beneficiaries are who you actually want them to be.

What Does a Basic Estate Plan for a Young Family Include?

For most young Missouri families a solid starting point includes a last will and testament naming guardians for your children, a durable financial power of attorney, a healthcare power of attorney, a living will or advance directive, and updated beneficiary designations on all financial accounts.

As your assets grow and your situation becomes more complex, a revocable living trust becomes worth considering to avoid probate and provide more control over how your assets are distributed.

The Best Time to Start Is Now

Estate planning is one of those things that feels urgent only after it is too late. The best time to put a plan in place is before you need it. For young Missouri families with children, that time is right now.

Lund Law Offices offers a complimentary strategy session for families in Lee's Summit and throughout the Kansas City metro area. No obligation — just a conversation about how to protect your family.

Call 816-875-2380 or schedule a free consultation online today.