Estate planning can feel like something to “get to later”, but for young families it’s one of the most practical ways to protect the people you love if the unexpected happens.

Appointment of Testamentary Guardians

An appointment of Testamentary Guardian is made in your will and nominates a person, or multiple people, who are responsible for looking after your children in the event you die.

A testamentary guardian is responsible for making decisions about your child’s education, lifestyle, healthcare and religion. It is important you choose someone who reflects your values.

Ensuring Adequate Financial Support

It is not uncommon for one spouse to return to work whilst the other spouse takes on the primary caregiver role.

It is crucial for young families to consider superannuation, life insurance and income protection insurance to ensure that any financial risk or stress in the event of death or incapacity is minimised.

Guidance During Difficult Times

Estate planning sets out what happens in the event of your death or incapacity. A proper estate plan provides your family with clear guidance during the most difficult of times.

Without proper estate planning in place, your family is required to jump through extra hoops in respect of your estate, the care of your children and being appointed to make decisions on your behalf.

Passing Your Wealth Appropriately

It may not be appropriate for an 18-year-old to have access to a large sum of money without proper guidance or advice.

We regularly work with young families to develop bespoke solutions as to how their wealth will be passed on to the future generations in a way that reflects their values, addresses their concerns and provides for the future needs of their children.

At Transitus Legal we work with our clients to develop and implement estate planning which reflects their values, addresses their concerns and gives our clients peace of mind.

Contact us for more information!