Estate Planning for Parents: Why It’s Important and What to Consider
Any parent of a school-age child right now is intimately familiar with the hustle and bustle of getting prepared for a new school year and adjusting to new routines. From remembering to purchase the school supplies, to enrolling in fall sports and aftercare, it's essential to account for every detail and make a plan to execute the new school routine. With all that we do as parents to accomplish this seemingly herculean task, keeping so many balls in the air at once, how many of us put the same effort into planning for the unexpected? What would happen to our children if we weren’t here? Have you designated a guardian for your children? Have you evaluated the best way to protect and preserve your assets, as well as provide for your children's care? It's important to remember that if you haven't made a plan, state statutes impose one for you. Now is the ideal time to make a plan so you have the peace of mind that your children will be taken care of by the guardians of your choosing should the unthinkable happen.
Estate planning is an important task that should be done with your children's future in mind. It deserves just as much of your time and consideration as any of the other efforts you make as a parent to care for your children. You deserve to sleep well at night knowing that you have taken care of these critical details.
Things to Consider During the Estate Planning Process
Create a will: A will is a legal document that outlines how your assets should be distributed after your death. It's important to create a will that reflects your wishes, and that your children are aware of its contents.
Designate a guardian: If you have minor children, it's important to designate a guardian who will take care of them if you pass away. Make sure you choose someone you trust, and that your children are comfortable with. Also, designate a temporary guardian while parents are traveling or kids are with grandparents, for example, and may need medical care.
Choose an executor: An executor is the person responsible for carrying out the wishes outlined in your will. Choose someone you trust to carry out your wishes and make sure your children are aware of your choice.
Consider a trust: A trust is an instrument that allows you to set aside assets for your children's benefit. This can be a good option if you have children who are minors, or if you want to control how your assets are distributed after your death.
Communicate with your children: It's important to communicate with your children about your estate plan. Make sure they understand your wishes, and that they are aware of the role they may play in carrying out your wishes.
Keep reading for more things to consider in an estate plan for college-aged kids.
Estate planning for your young adult in college
When your child turns 18, they become a legal adult and we can’t step in as the parent in the same legal capacity anymore. Before your child heads off to college or begins their journey into the world, it's important to understand which legal documents they should sign to plan for and safeguard their next stage of life.
Power of Attorney
Advance Medical Directive
HIPPA waivers (should your adult child wish you or another adult to have access to their medical records).
These documents provide parents or guardians with the ability to become legal protectors in the event that a young adult requires assistance.
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