Cementing an estate plan when your children are young protects them in the event of your death. However, what happens as they age and leave you to start their own adult lives?
Empty nesters should consider revisiting their estate plans as children leave. Some of the reasons may have more to do with your continued care versus theirs. Discover why you should consider making changes to your estate plan once your children are no longer at home.
Change the role your children play
Your earlier estate plans likely included contingency plans when it came to caring for your kids. Now that your children are grown, you need to change how your will addresses them. You may want to consider naming one to assume the role of executor of your will. This designee is responsible for representing your estate in probate court and fulfilling your wishes. When changing your will, you may also wish to leave adult children different heirlooms and assets than when they were minors.
Create medical proxies for them
Revising your estate plan may remind you to speak to adult children about their medical care. Since your children are no longer under 18, you no longer have authority over their health care. A medical proxy gives you the ability to direct their medical care and make decisions on their behalf if they cannot.
One of the reasons why you may want to consider these changes is to teach your adult children why an estate plan is crucial. Showing them by doing it yourself may spur them to do the responsible thing and create a plan.