Congratulations! You are an empty nester and it’s time to update your estate plan. At this point in your life, you no longer have minor children or don’t have children, you may have acquired significant assets, and you may be considering retirement. When reviewing your Estate Plan, you should consider the following:
- Because you don’t need to name guardians for minor children, a probate can be avoided. Consider adding a Revocable Trust to your estate plan to avoid probate and provide efficiency.
- Now that the kids are adults, review the beneficiaries on your various accounts (IRAs, 401(k)s, brokerage accounts, etc.) to ensure that you have designated your spouse or partner and consider whether your children are mature enough that you should name them as beneficiaries on various assets or if a trust is needed for their inheritance based on size of inheritance and their ability to manage money.
- Consider including a descendants trust in your estate plan for your children so that assets are distributed to your children over time rather than in a lump sum upon your death and to provide protection of your children’s inheritance in the event of divorce or creditors.
- Review your assets including your insurance to determine if you have a taxable estate and if so, work with an attorney to include estate tax provisions in your estate plan.
At Grissom Law, we work with clients, both individuals and couples, in all stages of life, including empty nester(s), to develop estate plans that meet their specific needs. Contact us at 678.781.9230 to schedule an appointment to discuss your estate plans.
Disclaimer
This Blog/Web Site is made available for educational purposes only as well as to give you general information and a general understanding of the law, not to provide legal advice. By using this blog site you understand that there is no attorney-client relationship between you and Grissom Law, LLC.