california estate planning attorneys helping protect family assets
When your children leave for college, marriage, employment, or simply to travel, the house may seem unusually quiet and empty. You may wonder what to do with the extra time on your hands. While “reviewing and updating our estate plan” isn’t always the first activity that springs to mind, it is a valuable step to take when your children have left home.
Why update your estate plan now?
If you created your estate plan when your children were young, chances are good that you included provisions for your children’s guardianship, for protection of their inheritance until they reached a responsible age, and for other matters specifically pertaining to their status as legal minorities. While these provisions were essential at the time, they have become outdated now that your children have reached adulthood.
As your children venture into the world, you may have a new set of concerns. If something were to happen to you, would your children squander their inheritance? Would they stop going to college or working, losing these precious opportunities to build their future? Will people try to take advantage of them in a vulnerable state?
What changes would help our children and family at this stage?
Working with an experienced California estate planning lawyer like the team at CKB VIENNA LLP can help you make the changes that will allow your estate plan to accurately reflect and implement your wishes in this new phase of your life. While the best plan for your particular family will require specific consideration, popular options include:
Creating a trust. A trust can distribute income over time, providing financial support for a child’s schooling or other plans while reducing the risk of extravagant spending or being taken advantage of by unscrupulous others. It can also help protect assets from creditors, preserving more of your estate for your children.
Updating powers of attorney and other parties. Now that your children are adults, you may wish for them to have more power in decision-making if you become incapacitated or pass away. By updating your estate plan, you can name your child or children as your personal representative or grant one or more of them power of attorney to make medical, legal, or financial decisions if you are unable to do so.
The transition between having your children at home and watching them take their place in the world, like many life transitions, can be bittersweet. At each turning point, is is wise to review your estate plan and update it if needed. The experienced estate planning attorneys at CKB VIENNA LLP can help you make these periodic reviews and choose the revisions that best reflect your wishes and the needs of those you love. To learn more, contact us today at 909.980.1040, or fill out our online form if it is more convenient for you.