Estate Planning for the Young Family: Is It Right for You?

By: Danyelle Griffith – Client Coordinator

Estate planning is not something that most young people think about. As a young person, I can attest that a good portion of us think about the immediate future and not what could happen weeks, months or even years from now. Since we are young, we do not think about dying; however, it can happen! The aftermath of not planning can have your family in a whirlwind of paperwork and court visits trying to settle your affairs.

That is one of the reasons that I felt I needed an estate plan for myself. My situation is unique and not like most people my age. As a young, soon-to-be divorced mother of three young girls, their safety and future are always on my mind. I am constantly wondering if I am going to be raising them right, will they turn out to be good people? And it does not end there. Shortly before my twins were born this past April, I started to wonder what would happen if I wasn’t here for them? What happens to my bills? What happens to my girls?

Without divulging too much information, my situation at that time was not the best. I had been separated from my soon-to-be ex-husband – who was not in a good position to take care of our children if something happened to me – for about seven months. I had no plan for myself or my kids if something were to go wrong when I was giving birth, which there is typically a higher risk with twin pregnancies. Fortunately, I work for a law firm that handles estate plans regularly. My co-workers were willing to have that conversation with me that opened my eyes to the options that were available to me. I could set up a plan for my kids and myself if something unexpected were to happen. I needed to set up an estate plan, for my own peace of mind.

The plan I had set up for me was basic. It laid out who was to take care of my children if I passed, who would get what in the event of my passing, who would make decisions for me if I was unconscious, and what my final wishes were. This is not something most twenty-four-year-olds think about. In fact, a lot of young people like myself have nothing set up for themselves. If something were to happen to them, their family may run into trouble as it comes to their final wishes and expenses, or if they are just simply unconscious, their family may not be able to get the information that is needed from the medical field to make an informed decision for them because they do not have the authority. When everything is planned out, there is no question for anyone involved.

After I set my plan up, a huge sense of relief rushed over me. I knew my girls would be taken care of in a way that they would be safe and provided for. I knew that everyone knew exactly what their role to play would be in the worst-case scenario. Planning, in my eyes, was the best decision I could have made. Even though I simply had a basic plan, or a Will and Powers of Attorney drafted, I knew that even if the courts had to become involved that I had made the process that much easier for my family.

As my situation changes, I will be going back and changing my estate plan, just as I think everyone should. It is the responsible thing to do. Planning for your future according to your situation now is how we best prepare for our future. You never know what is going to happen. Being prepared, as a parent, is sometimes hard to do, but for me, an estate plan was an easy place to start.

If you are a young parent, or just simply a young adult, please call Michigan Gun Law today at (248) 676-8978 to start drafting your estate plan. Today is guaranteed, tomorrow is not. Do not leave your families in shambles if something should happen to you.