Estate Planning For Young Families

Many people assume that estate planning is something that only becomes relevant later in life.  In reality, estate planning is particularly important for young families with children for two main reasons, namely:

1. If no testamentary guardian is nominated,  the appointment of a person who is responsible for the care of a child is left open to the Supreme Court of NSW, often leading to family fighting; and
2. In the event of your incapacity, there is no person authorised to access your bank accounts and pay for the immediate needs of your children. 

For parents in the Illawarra and across New South Wales, having the right legal documents in place ensures that children are protected financially and that trusted individuals can make important decisions if parents become unable to do so.

Decisions around who should be responsible for caring for minor children can be a difficult conversation between parents, and each family has unique traits that must be taken into account. For some families, it is best to appoint multiple people as testamentary guardians, with a direction that the children live together with one particular testamentary guardian. For other families, the appointment of a guardian is made even more difficult by family members living internationally. 

Working with an experienced Estate Planning Lawyer in the Illawarra can help young families create clear arrangements that protect their children’s future.

At Coal Coast Legal, we regularly work with young families to put in place estate plans that are not only child-focused, but also practical, flexible and designed to operate when they are needed most. Our approach ensures that the right people are empowered to step in, financial support is immediately accessible, and your children’s care and future are not left to uncertainty.

If you would like more information around protecting your family in the event of your death or incapacity, contact our office today on (02) 4218 3555 or visit our Estate & Succession Planning page.