It’s that time of year again! Children of all ages are going back to school. During this time, it’s not only important to pack your backpack and do back-to-school shopping, but it’s also a good time to think about doing your estate planning homework and creating or updating an estate plan as a part of ensuring that your children are taken care of. Here are a few things you might want to consider for your “back-to-school” estate planning list.
For parents of elementary, middle, and high school-aged children
Be sure to fill out your back-to-school emergency forms. These allow you to provide the school with information on who to call if your child needs something, and they are not able to get in touch with you. It’s also a good time
to review any guardians that you have appointed (or create a plan which involves appointing guardians) for your children in the event that you are unable to care for them. Ask yourself questions like who would my children be comfortable with? Could my children live with those people and still attend the same school? Will the people I have named as guardians (or am considering naming as guardians) have the space and resources needed to care for my children well? It’s also a good time to consider creating or reviewing your estate plan as a whole to ensure that your plan still gets an “A+” in taking care of your family.
For parents of special needs children
Planning is essential for children with special needs. Planning can help ensure that your child maintains any governmental benefits they may be receiving, while still allowing you to provide additional care and resources for them in a way that doesn’t jeopardize the benefits they are already receiving. A special needs trust can help provide funds if necessary. You can also choose someone as a guardian who knows how to care for your child with special needs.
For parents of high school and college-aged children
If your child is 18 years of age or older, they are seen as an adult in the eyes of the law (even if they are in high school and still live with you, just like before they turned 18). It can be wise to consider some basic estate planning as early as possible to outline their wishes, particularly when it comes to who can communicate medical decisions on their behalf or manage finances for them if they are unable to do so. Encourage your child to begin this planning for their well-being, especially before they head off to college.
For parents of students of any age
As your children head back to school, now is a great time to begin planning to protect your family and ensure that your children have the bright future you want for them. Estate planning helps to ensure the best care for your children
when the unexpected happens. If you haven’t reviewed your plan in a while or haven’t begun your estate plan, give our office a call to set up a complimentary consultation.