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Young families face different estate planning needs and challenges than those who have had a long life behind them. While established families may be concerned about what will happen to their family when they pass on, young, growing families can be more focused on what is happening to their family in the present. And you even may find it hard to justify planning for an “estate” you haven’t yet established! 

But here’s the thing … if you have children, or anyone else you care about, you may not think you have an “estate”, but you do need estate planning.  If you want to ensure your loved ones wouldn’t be stuck in Court and/or conflict if anything happens to you, the only way to do this is to document a plan.

Here are a few estate-planning issues important for young couples to consider as soon as they start a family:

The Care and Custody of Your Children

If you die or become incapacitated before your children reach 18, they...

In the weeks before her death from ovarian cancer, author Amy Krouse Rosenthal gave her husband Jason one of the most treasured gifts a person could receive.

She penned the touching essay “You May Want to Marry My Husband” in the New York Times as a final love letter to him. The essay took the form of a heart-wrenching yet-humorous dating profile that encouraged him to begin dating again once she was gone. In her opening description of Jason, she writes:

“He is an easy man to fall in love with. I did it in one day.”

What followed was an intimate list of attributes and anecdotes, highlighting what she loved most about Jason. It reads like a love story, encompassing 26 years of marriage, three grown children, and a bond that will last forever. She finished the essay on Valentine’s Day, concluding with:

“The most genuine, non-vase-oriented gift I can hope for is that the right person reads this, finds Jason, and another love story begins.”

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If you are engaged to be married, divorce is probably the last thing you and your fiancé want to be thinking about. Yet you might be rightfully concerned about what would happen to your assets should your marriage end in divorce or in the event of your death. One option you might be considering for protecting your assets from these events is a prenuptial agreement.

However, even bringing up a prenup can be a romance killer that creates friction and distrust before the marriage even begins. And if it’s not properly created and executed, a divorce court can invalidate the asset protections offered by a prenup, so such agreements don’t exactly provide airtight protection.

Plus, a prenup would do nothing to keep your family out of court and out of conflict should you become incapacitated or when you die, which is something everyone who gets married needs to consider.

That said, prenups aren’t your only option. With proactive estate planning, for example, you can...

If you’re counting down the days to your wedding, divorce is probably the last thing you and your fiancé want to be thinking about, and yet you might be rightfully concerned about what would happen to your assets in the event of a divorce—or your death. You may also be worried that suggesting a prenuptial agreement could hurt your future spouse by making them feel as if you don’t trust them, thereby creating friction before the marriage even begins.

While such concerns are valid, you should know that prenups aren’t your only option for shielding your assets from these scenarios. With a well-designed estate plan, for example, you can structure your assets in such a way to keep what you have safe, provide for your future spouse in the event of your death, and also protect your assets in the event of a divorce. In this way, you can avoid having the prenup conversation all together. 

I do recommend talking with your future spouse about your...