It also means that your creditors and any attorney fees will be paid before any money passes through to your heirs. While a will is relatively easy and inexpensive to set up, your estate will probably still have to go through probate. In probate, your assets are held before distribution, sometimes for months. Appoint an executor or trustee for your estate.For many young families, a basic will may be enough to adequately protect your family should anything happen to you. There are several things that you can designate in a will:

Determine Whether You Need a Will, a Trust, or Both Basic WillĪ will is a public record, and accessible to anyone. Then, figure out what type of insurance policy will meet those needs. Start by assessing your family’s monthly bills and long-term financial goals to determine how much life insurance you need. Assess Life Insurance NeedsĪ good place to start is with life insurance. If you passed away today, would your family be able to cover all the monthly bills? Would there be extra money for unexpected expenses? Would your children have enough money to be able to attend college someday? Obviously, you want your family to be able to make ends meet if something were to happen to you. Without an estate plan, you don’t control how your assets will be distributed, or who will care for your children. Here is an estate planning checklist that every young family should consider to ensure that their wishes regarding their children and assets are documented and followed. Estate planning, however, means that if anything happens to you, your family is protected. Having basic documents in place may be able to help you minimize or avoid probate entirely for your family.

When you’re wrangling a toddler, planning beyond next Tuesday can feel like an exercise in futility. Planning for the future is not always top priority for young families.

Estate planning checklist 2018