You May Need to Change Your Estate Plan As Your Children Grow
Many people first consider estate planning once they have their first child. It is great to take the initiative to develop an estate plan once you have heirs to consider. However, it is equally important to make sure you update your estate plan as your children age and your own needs change.
When your children are young, you should consider who you would want to serve as their guardian in the event of your passing, and how they would be cared for financially.
But as your children assume the responsibilities of adulthood, there are some other issues you should take into consideration.
- Is your child married?
- Do you trust that your child is financially responsible and capable of managing the assets you leave to them?
- Do you intend to leave assets to your children in a trust, and how will that trust be managed?
- Does your child have children of their own?
- What financial circumstances do each of your children face? How much money do they make?
Depending on your answers to these questions at different stages of your children’s lives, you might need to make some changes to your estate plan. You should review your plan whenever major life events occur, or at least every five years.
For more information about adjusting your estate plan, contact an experienced Tampa, FL attorney at BaumannKangas Estate Law.