When you are ready to get your affairs in order, you may want to involve your adult children. Many people appoint their adult children as executors on a will or trust. They also list adult children as beneficiaries or powers of attorney. Here’s what you need to know before enlisting your children for help.
Before Your Adult Children Get Involved in Your Estate Plan
Even if you see your child as the most intelligent, capable human being, you should take a practical approach when estate planning. Let’s be real – is your child qualified?
- Expertise: Is your adult child responsible when it comes to money? Will they be able to distribute your assets and follow instructions of your trust or will?
- Decisions Under Pressure: When it comes to medical power of attorney, can your adult child make decisions that will impact your health without being overcome with emotions? If they are too close to the situation, you may want to go in another direction.
- Free of Drama: Unfortunately, family drama can occur when taking care of business after the death of a loved one. When an adult sibling is in charge of major decisions, it can cause major disputes in the family that lead to long-term divides.
While your children can help with many areas of your life, you may also consider appointing a professional executor to make unbiased decisions throughout the process.
Share These Things with Your Adult Children
You can include your adult children in many aspects of your estate planning such as:
- Show them where your important documents are kept
- Share with them your wishes for burial or cremation arrangements
- Discuss your plans for paying for your long-term care if needed
- Share memories, photos, and videos
There are many ways to keep your children involved if you do choose to leave them out of the legal aspects of estate planning. Let them know that you have a plan and where to reach your trusted representative in charge of your estate plan. They will be relieved to know you have a plan in place for the unexpected. By doing this, you will have peace of mind knowing your loved ones are prepared.
Meet With a Professional Estate Planning Team
Are you ready to create your estate plan? Shoup Legal is here to help guide you through the process. Call us at (951) 445-4114 or email [email protected] to get started.