Two Key Events Trigger Need for Estate Planning: When Children Come and When They Go
Of all the milestones that parents experience, the birth (or adoption) of their children and becoming empty nesters are two of the most memorable. It just so happens that these are also two life-changing moments when estate planning should be high on your to-do list.
The one shared experience of good parents is that as soon as children enter our lives, our own desires and needs are no longer of paramount importance. In fact, we see many new parents who are justifiably concerned about planning for the future of their children, especially if something happens and the parents will no longer be around to care for their children.
The needs of children are very different when they are young than when they reach adulthood, and parents’ estate plans should reflect this. When children are young, estate planning should focus on guardianship and asset protection issues. Once they reach adulthood and leave home, your estate plan will most likely reflect your own need to prepare for retirement and health care management issues.
Your estate plan should always reflect your priorities at each stage of your life. Since these change, updating your estate plan should be one of those priorities each time you reach a milestone.
If you need more information about estate planning for every stage of life, contact our Jacksonville Florida estate planning law firm.
