“Estate planning is for the rich. We have only just started accumulating our wealth.”
“We are not old enough to think about writing our wills.”
“We are happy with how our assets will be divided under intestacy laws.”
All of these are common responses when parents of young children are asked if they have an estate plan in place. Oftentimes, such parents think that they should be focusing on wealth accumulation instead of setting up an estate plan.
However, having young children makes it even more important for them to make preparations in the event of their untimely deaths.