Estate Planning for Young Families

By Attorney Laura Curry Estate Planning for Young Families

Many young families put off estate planning because of the belief they are too young and healthy, or simply cannot afford it. But any adult can be taken suddenly by an accident or illness, and this means an estate plan is needed because others are depending on you. Getting married and having your first child is an exciting time, but it also requires some very important decisions to be made. Considering issues such as death and disability may seem far removed, but proactive planning allows you peace of mind.

A good estate plan for a young family will include naming someone to administer the estate (a trustee or executor), naming a guardian to care for minor children, providing instructions for the distribution of your assets, and naming someone to manage the inheritance for the children until they become adults. It will also include reviewing your insurance needs and planning for disability.

We have prepared a list of four key decisions you need to think about when planning as a young family.

Choose an executor or trustee:

Selecting a competent and trusted executor is critical to ensure that your last wishes are carried out. This should also include successors in case the first person named predeceases you or becomes incapacitated.

Choose a guardian for your

child(ren): This person would become the legal guardian should both parents die or become incapacitated. You should consult with the person to ensure they would be willing to take on such a huge responsibility and choose someone with all the resources necessary to provide the lifestyle you would want for your child in this situation. Also, you should designate either this person or someone else to manage the inheritance your child receives. To avoid any confusion as to what your children inherit and when, a trust may be a good choice for you. Within a trust you can decide who will manage the money and decide when the children will receive trust assets and for what purposes.

Review your life insurance

policies: Make sure you have a policy in place that is adequate to cover funeral costs, debts, and replacement of your income.

Consider the consequences

of becoming disabled: It is pertinent you have a Power of Attorney to cover your financial affairs and a Health Care Power of Attorney to deal with your medical and health issues. Review your disability insurance policies to make sure the income replacement is sufficient for your family’s needs.

As a young family, you can probably think of a million things you would rather do than tackle the difficult questions that surround estate planning but imagine the alternative – the court making the decisions for you. Once your plan is in place, it is a good idea to review and update on a regular basis and especially when major life events or financial changes occur.

Contact the attorneys at Sinclair Prosser Gasior to discuss your estate planning needs today.

Laura T. Curry

first became interested in estates and trusts when practicing as a family law attorney at the start of her career. It was quickly apparent to Laura that each family had their own dynamics which shaped their goals and desired outcome. The firm’s unique approach to working with clients throughout the years and life stages is what attracted her to this opportunity and formed her role within the firm. Laura graduated law school from the University of Baltimore in 2009 with both a Juris Doctorate and a Master’s Degree in Public Administration. In 2014, she earned her Master of Laws in Taxation, after completing advanced courses in estate planning and tax at the University of Baltimore School of Law. Laura is a current member of the Maryland State Bar Association and Women’s Bar Association. Laura currently lives in Catonsville, Maryland with her husband and daughter. She enjoys spending time with her family and traveling.

making out of rubbish

BY MEGAN JOHNSON

YEARS

I’m long overdue for a good panic clean. You know the kind: the we-can’t-let-peopleknow-we-live-like-this clean, which typically precedes hosting a big holiday meal or putting your house on the market. The sort of mayhem that has you wiping down the front of your dishwasher and hoisting toys by the armload into trash bags. The panicky feeling that makes moms threaten to pitch out every LEGO if a single brick is pulled out again before Grandma comes for turkey.

I rely upon this pressure to keep our household in order. With the pandemic eliminating most gatherings, my husband, kids and I have just… run amok. Even daily Zoom calls with my son’s kindergarten team aren’t enough to scare us straight. “Maybe I’ll miss the random Hershey Kiss wrappers stashed like tiny treasures in my dresser drawers.”

This came to a head as the coronavirus fi nally invaded our bubble in mid-January. As two of the four family members we’ve socialized with since last March tested positive, our crew was suddenly home together 24/7. Thankfully, after two weeks in quarantine, we tested negative. Our family members recovered with only mild symptoms. What has not quite recovered? Our house.

Never have we spent so much time together — and so much time trying to entertain two children within the everclosing walls of our home. There isn’t a puzzle that wasn’t dumped out or a stack of books we didn’t knock over. And beyond the run-of-the-mill cleaning that never ends, I feel weighed down by nagging long-term projects as well.

Spencer and I bought our house, a long-empty foreclosure, in 2014. I’ve often thought I offi cially depleted the last of my energy in that clean-up effort. Soon, I was pregnant and already exhausted, and any hope I had of getting organized seemed to end with our son Oliver’s early arrival the next spring. Hadley was born two years later. Let’s just say “disarray” is a theme around here.

We’re just now clawing our way out of the all-hours circus of new parenthood. So when COVID-19 upended our daily lives, we joined many others in channeling our anxiety into fi nally cleaning up at home. If I lash out about anything, it’s probably the mess (and the bickering, but that’s another issue). Though at some point during the pandemic, I fi nally accepted that I need to temper my expectations. We’re home all the time. All the time! And no matter how much we may talk about “the new normal,” this is still not normal. We all need grace... especially from ourselves.

Someday I’ll be able to turn the Johnson residence into a museum, if I feel like it — complete with fresh fl owers on a scuff- and a ring-free coffee table. Maybe I’ll miss the random Hershey Kiss wrappers stashed like tiny treasures in my dresser drawers. Or maybe Spence and I will joyfully downsize, choosing minimalist decor for our new all-white kitchen with contented hearts. There’s just no way to know.

In the meantime? I’ve taken to following my kindergartener and preschooler around with a trash bag. It’s just easier to collect the empty yogurt pouches in real time, you know? And I can still treat myself to fresh fl owers… even if they’re plopped alongside the kids’ cache of art supplies, including an ever-present rainbow of uncapped markers. They’re colorful, at least. Pretty.

Ah, the little things.

Megan Johnson has never met a cupcake she didn’t like. Author of the long-running “Right, Meg?” column in Southern Maryland Newspapers, she is a 30-something coffee drinker, voracious reader, and editor-turned-communications professional. Megan lives with her husband and two children in Charles County. Follow her on Instagram at @writemeg.