Page 3 - White Paper-Estate Planning for Young Families

So why worry about a will if most of your assets will transfer anyway, and the
distributions above are mostly acceptable to you? Here is what you will not be able
to do without a plan in place:

• Plan for guardianship of minor children or management of funds for
young adult children.
• Ensure that your children will receive a portion of their inheritance even if
your spouse remarries and has other children.

• Preserve family assets for your children (i.e., real estate or other property
passed to you by your parents or grandparents).
• Provide for a child with special needs.
• Plan to minimize estate taxes.
• Minimize probate expense and potential disagreements for your family.
• Plan for decision-making if you are incapacitated.

Guardianship of Minor Children

This is by far the number one concern of young parents who come to see us about
estate planning. We trust that our spouses will take good care of our children if they
survive us, but you do also have to plan for the (hopefully remote) possibility of car
accidents or other disasters that could affect both of you.

In your will, you can designate the person you want to raise your children in that

event, and you can also designate one or more alternates in the event that your first
choice is for any reason unable to step up to the task. Some things you and your
spouse might consider in making this choice:

1. The age and health of your preferred guardians: Though a parent is oftentimes
a first choice for couples, it may result in unintended hardship. Your parents
may be in their late sixties or early seventies and fully capable of raising your

children today, but what would happen if you died when your children were
teenagers and your parents were well into their mid-eighties? Would they be

slnlaw LLC

46 South Main Street Sharon MA 02067 781-784-2322 www.slnlaw.com