You may have recently packed up your kids and sent them off to college. Many parents find themselves with mixed feelings. The good news is that you get to prepare for the next chapter of your life. If you had an estate plan when you were raising your kids, you were probably concerned about appointing a guardian in case something happened to you or your spouse. Now that your children are older, you may not have the same estate planning goals.
Estate planning is a fluid process throughout your lifetime. Depending on your circumstances, your plan may need a few quick adjustments or a complete overhaul. Your circumstances and your objectives may look very different than they did many years ago.
Perhaps you purchased a home or bought other property. Perhaps you started a business, acquired or sold assets, or even got a divorce. You may now have a pension plan or other retirement account at work or received an inheritance.
Now, your personal needs may be different. You and your spouse may need to provide for long-term care, for instance. Perhaps you have gone through a divorce but want to take care of your ex-spouse in your will. You may want to change the way your wealth transfers to your children now.
Will
When you had your children, you may have left everything to your spouse. Now that your children are older, you may need to update or change your will. Have your plans changed? You may want to change the way your adult children receive any inheritance. You may not want them to receive it in a lump sum, but rather space it out over a period of years for instance. Perhaps you now want to add future grandchildren, donate to a charity, or add or change a beneficiary.
Trust
If you created a trust when your kids were small, you may not need one now. Or, it may be time to set up a living trust. In general, trusts are a wonderful tool that can help your loved one avoid the time and expense of probate when you pass. It is important to speak with us to determine if a trust could benefit you.
Power of Attorney
This document allows for a family member to make important decisions on your behalf, address your finances, and sign contracts if you are unable to do so. Perhaps the person you originally appointed is no longer available, or you may want to appoint one of your adult children now.
Power of Attorney for Health Care
With a Power of Attorney for Health Care, you can appoint a representative to make important medical decisions on your behalf if you are unable to. It is important that your representative understands your wishes and is someone you trust. Perhaps over time, this person has changed.
Conclusion
Kids leaving for school is a bittersweet time. But the good news is it marks a new chapter for you as a parent. Having a well thought out and accurate estate plan is not only for you, but it is also for your loved ones. If you would like to come in and discuss your estate plan, please hit reply to schedule a Get Acquainted Call.