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Estate Planning for Young Couples
Posted By Miranda Marquit On 04/11/2013 @ 12:15 pm In Personal Finance | 6 Comments
“Too many people believe that estate planning is simply for ‘old people’ or ‘rich people,'” says Eido Walny. Walny is the founder of Walny Legal Group, a firm that specializes in estate planning and asset protection.
“Regardless of demographic,” he continues, “there are several important parts to an estate plan that would be critically important to anyone over the age of 18. …Estate planning  is more than about death.”
It’s unpleasant to think about your death, but it’s something you should consider — especially if you have children who will need to be provided for if you and your partner both meet an untimely demise. “Wills and living trusts should be evaluated,” Walny points out. “These documents help deal with issues such as guardianship for minor children, transfer of assets, and payment of debts.”
Young couples should also consider life insurance  coverage for each partner. That way, if one partner passes on, the other can pay off debts and replace the lost income. Life insurance, coupled with a reasonable will and the right trusts, can ensure that your assets go where they belong.
Walny believes that any adult should consider the three following estate planning items, no matter how young:
Estate planning also includes asset protection, which can help you easily pass assets to your partner or your heirs, as well as set up certain tax benefits. “Asset protection for young couples can be a fantastic thing,” Walny insists. “Advanced asset protection can be most powerfully implemented during the phase in life when assets are being built.”
Michael L. Van Cise, Associate Attorney with Arnall Golden Gregory LLP agrees that now is a good time for young couples to get involved with estate planning. Van Cise provides a convenient checklist of items that can be used by young couples to plan for the disposition of their assets :
Van Cise points out that young couples need to specify a plan now, so that everything is prepared for later.
With advance planning, it’s possible for young couples to avoid piling more trouble on during an already-difficult time.
(Photo: Ken_Mayer )
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 Estate planning: http://www.bargaineering.com/articles/estate-plan-essential-people.html
 life insurance: http://www.bargaineering.com/articles/life-insurance.html
 plan for the disposition of their assets: http://www.bargaineering.com/articles/6-documents-you-need-but-hate-thinking-about.html
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