We’ll never forget the day our children entered this world and showed us the true meaning of love. It’s not without its obstacles, though. From the sleepless nights and trying to get an infant to calm down when they only want to cry, to the trials and tribulations of the teenage years, you have so many new experiences to navigate and challenges to overcome.
Parenting never ends. It doesn’t stop when our kids go to bed for the night, spend time with their grandparents, or start their own families. We’ll be there to provide advice, protection, and comfort whenever they need us. However, the protection we can provide goes beyond our daily actions.
After your child’s birth, estate planning is probably nowhere near the top of your mind. You’re focused on all the new responsibilities, like changing diapers, helping them fall asleep, and what can feel like constant feeding. At this time, the recommendation is that your estate planning documents name a guardian to take care of your kids if something happens to you. You may also consider establishing a trust with the proper person to manage trust assets, and make sure education is covered.
Once your kids start their own families is a good time to think about a comprehensive estate plan. This can include trusts, pour-over wills and powers of attorney. Take time to think about the values you want to impart to your family, and how the terms of your trust can support those values. Your trust can also provide protection to your adult children, so that an inheritance is not lost in the event of divorce or disability or other situations.
Once you’ve retired, your comprehensive plan should be reviewed, updated, and kept accessible. It is good to have the list of your assets updated, particularly with more statements being electronic only. More assets are ending up in unclaimed property, so it can be a good idea to print out quarterly statements (or at least annual statements), and put them in a three- ring binder.
Lastly, a subject no one wants to talk about, is getting final arrangements in place. This can be formally documented. Also, you can have conversations with your adult children about your arrangements and use that as a time to share with them how proud you are of them, and how much you enjoyed being their parent.
Many more estate planning elements should be part of your purposeful parenting efforts. If you have any questions or need to create or update an estate plan, see a qualified attorney to help you put together a plan that works for you.