You’ve probably considered your own plans, perhaps even your parents. But have you thought about your children’s plans? You might think they’re young enough they don’t need a plan, but for your benefit, here’s why they might.
First, in the situation of older adult children you might be hoping to leave them an inheritance. Depending on how they receive that inheritance, their own estate plan might come into effect. Because of that, if you have a strong opinion on where you’d like the money to go, you first might to reconsider your own plan, but also ask your kids what their plan looks like.
Second, in the situation of younger adult children (18+) you are no longer their legal guardian. Which means you no longer have legal rights to their medical or financial information. This is a scary thought for most parents with children in college. If there’s a medical emergency you may not have access to your child’s medical information.
Finally, with younger children, legal guardians have the right to make decisions for their children, but what happens if all of the legal guardians are out of town and inaccessible? Before leaving town, you might consider putting in place a power of attorney to allow someone else to make important and time sensitive medical considerations for your kids.
So when considering your own plans, don’t forget to think about your children’s decisions as well!