Add it to idk, lol and tmi? Or maybe this acronym never reaches the same prominence in pop culture. But it does relate to an important topic for any couple with young children that is all too often overlooked.
Parenting young children is often exhausting and rarely leaves any free time. It is easy to put off estate planning with a “we’re too young” or “don’t have enough assets.” But creating a Young Family Estate Plan with a will, power of attorney and durable medical powers of attorney/living will does not take as much effort as you might expect.
Leaving it up to the state
What is a major problem caused by failing to do any advance planning? If both parents die, the court is left to appoint a legal guardian for your child or children. This means that a sibling, who you love, but never want to watch your kids, could be appointed.
Thinking about who you would want as a guardian is the first step. If siblings are not suitable, then maybe a cousin or friend would be willing to step in. Have a conversation with prospective guardians to ensure everyone is on board. It’s best not to phrase it in terms of godparents, since this concept may confuse the issue. A godparent has no legal standing to care for a minor child.
Dying without a will is called intestacy. It means that Colorado statute determines who inherits your assets. If only one spouse passes away in a tragic accident, the whole estate may not simply pass to the other spouse. These rules can have all sorts of unintended consequences.
Get started by making a call to set up a meeting with an experienced estate planning attorney. An YFEP can often be completed with some prep work and one or two meetings.