The Holidays have been an opportunity to see what’s going on with our children. Perhaps they shared with you their newest plans and expectations. Perhaps the discussions hinted at difficult issues that your child is facing.
It’s time to use the information gleaned during these interactions. Whether your role is gently nudging positive action and reflection, or providing direct guidance for your unmotivated child, this is a good stepping off point to guide and offer help in many ways.
Time To Reflect And Guide,
Regardless of their age, we can expect our children to face many of the same things that we have handled, and may continue to address in the future. See our post: Four Common Mistakes Young Parents Make By Avoiding Estate Planning https://mshermanlaw.com/four-common-mistakes-young-parents-make-by-avoiding-estate-planning/
• Health And Healthcare:
Think medical concerns, both short term and long term. A Healthcare Power of Attorney is a key part of every adult’s planning. This is particularly true for adult children who are moving into new relationships and new adventures with their own children. Everyone hopes for healthy children, but we can all agree that being prepared for the unexpected is important.
• Focus On Finance And Financial Protections:
Financial protections and estate literacy are equally important, whether for our kids just entering adulthood or older. Our children will face the same financial concerns and will have access to the same financial assets and obligations as we have had, and more. Financial independence brings fresh reasons to know about Power of Attorney for Property (financial) matters.
We know that new purchases of home/condo, car and ‘toys’ are good reasons to learn about planning that includes protecting those assets and considering possible bumps in the financial road. Children getting into new projects, new partnerships and new jobs have new vulnerability. Talk about it.
• A Good Time To Consider The Bigger Picture
As each of us grows, our views on how fragile our lives are can involve practical, cultural and religious considerations for those who our children will surround themselves. Of course, that means considering a Last Will And Testament, too. Simple planning can provide value and peace of mind.
Your Own Estate Planning:
This is also a good time to discuss your own estate plan and how your children fit within your own expectations. Make sure your child knows what roles are important for you as you age (healthcare surrogate, successor trustee and estate executor). Explain what plan you have made for distribution of your personal and financial assets, and for your medical care.
If you have not made a plan, it’s time to do so. Lead by example!
If you previously made a plan, then this is an optimal time to review and update your own Estate tools.
However you celebrate the Holiday Season and New Year, we hope that you will enjoy with friends and family, and reflect and plan for the coming years!