5 Important Elements to Revise in Your Estate Plan After Your Children Age

Do you have an estate plan in place? If yes, congratulations!

Why did I say that? Because 51% of the Americans think they aren’t old enough to have a will. But Martin Oines, CFP ®, CTFA, Trust Officer have something else to say,

“People at every age should put together an estate plan that fits their needs”.

The hard fact is: your job of securing your family’s future does not end here. Circumstances change with time. It is up to you to ensure that your estate plan remains up-to-date to reflect your current requirements.

Let’s say that a child has entered your life; now, you need an experienced estate planning attorney. Why?

Here are 5 critical elements you must consider while planning to update your child’s estate plan.

1# Who Would be the Guardian?

It is imperative to consider who would be the guardian of your children if either you or your partner passes away or becomes incapacitated.

2# Consider Your Children from Previous Relationships

Draft your estate plan in a way that your children from past relationships are not left behind; instead, make sure that they get their due funds.

3# You Might Need a Special needs Trust

A special needs trust can assist you if you have one or more children with a physical disability. It is intended to provide future care for your children without interference from the government.

4# Appoint Children as Secondary Beneficiaries

In case both you and your partner pass away at once, you might consider naming your children as secondary beneficiaries.

5# Financial Power of Attorney

It is wise to consider a financial power of attorney in case you get incapacitated. But remember that the payment to the attorney would be deducted from your assets.

If you are going through a similar situation and you have made up your mind to update your estate plan, contact us right away.