Estate planning is very important to consider from an early age. If parents are old or sick, having this conversation with their kids at the appropriate time makes sense.
Children may not be aware of what estate planning really is. If parents do not have the full details, they can contact a lawyer and explain it to their children.
As the kids finally grow up, they can transition into their plans and make the relevant decisions for their circumstances.
Here are three valuable tips for estate planning for parents of kids who will soon become adults.
1. Accept Your Mortality
This tip may sound harsh, but it is in the context of estate planning. You will not be around forever. Your child on their way to adulthood should know that estate planning protects their future.
Parents should speak to their kids about this from an early age to help them understand the situation. Teenagers may show an interest in their lives if they plan for the future and may bring up the topic themselves.
The point is that you should remember that nothing lasts forever. Parents should also bear in mind that they will pass away one day. Setting their kids up for the future will dramatically improve their lives.
2. Assign a Guardian
Parents must appoint a guardian for their kids to make the estate planning process much easier when they pass away. If the children are young and the parents may not be around until they’re adults, appointing a guardian protects your estates.
It also prevents the courts from assigning incompetent guardians for your children who do not know your kids (like you do) and may make the wrong decisions.
Recognizing your mortality and taking steps to help your kids have a positive future is a responsibility all parents must bear, especially when it concerns estate planning.
3. Hire a Competent Executor
When kids are transitioning into adults, they need the guidance of an expert real estate executor to take them through the process of passing on the parent’s estate. There are many things involved in this process, such as supervising asset distribution and following the instructions laid out in a will.
Estate division can become really messy if there is confusion about who gets what. This can create arguments and fights between siblings, leading to chaos. Parents must take proactive measures to prevent this from occurring, and it is possible through an experienced executor.
Also, executors ensure that debts are paid, tax returns are filed, and mortgages are paid. This is a lot of work for teenagers and young adults, so hiring the best person for the job is recommended.
Parents should do their research and pick someone from credible companies to represent their children’s case. Online reviews are a good starting point to gauge whose services are excellent in the market.
Contact Bourassa Law Group for Your Estate Planning
If you’re worried about your children being misguided during the estate planning process, strongly consider hiring professionals for the job.
Bourassa Law Group has a team of lawyers that can help you pass your estates smoothly to your children. They are also well-trained in communicating with children to help them understand the intricacies of the process. Contact them today at (800)870-8910 for a free consultation.
1-800-870-8910