Wednesday, September 21, 2016

Estate Planning for Young Couples with Kids

It's back to school time, which means a whole new set of parents to meet at the various welcome functions that September brings. After the usual pleasantries about what class is your child in, the next question that arises is, what do you do for a living? 

The other night I was talking to another father (a financial planner of all things) when the topic of what we do for a living came up. He told me how he is a financial planner and manages assets for people with significant portfolios. We continued to talk and agreed on the importance of people like his clients having a well thought out estate plan.

The conversation turned a bit at this point when I asked him if he had an estate plan. His response, based on his advice to his own clients, surprised me. He didn't have an estate plan because he and his wife were a young married couple with two kids and didn't need to have one yet. Based on what we had just talked about, I was floored that he didn't think he needed an estate plan. 

Here is a young couple, they own a house together, they have other assets, they have children, and if they were to be hit and killed in a car accident on the way home, they would have no say in what happened to their children or their assets. The only thing standing in their way was a surprising and mistaken belief that they didn't need an estate plan yet.

As we wrapped up our event, the other father made sure to pull me aside before we left and get my card. He and his wife are very wisely coming in next week to get started on their estate plan.

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