The last thing couples with small children want to think about is what will happen when they die. Young families are often extremely busy and also feel somewhat invincible when it comes to their inevitable death. But, we all know of a family that has been struck by tragedy at a young age. An estate plan can include many items including guardianships, trusts and health care directives.
Although estate planning may be the last thing on a young family's mind it is extremely important. One incredibly important part of an estate plan is establishing guardianships. Parents need to protect their children in the event of their death or disability by appointing a trustworthy guardian. If a guardian is not appointed the children could be placed with someone the parent's wouldn't approve of or in the custody of child protection or another court appointed guardian.