Now that your children are adults, you no longer have to be concerned with who will raise your children if you should die. At this stage you are probably concerned with ordering your financial and family affairs. Another concern is that assets pass to family members or others with little or no estate tax. Avoiding probate is also a common concern.

You, like many parents of adult children may have old Wills, Trusts, and other documents created when your children were very young. Your children are now old enough to be your Executor, Trustee, Agent, or perhaps your second or third choice to serve in those positions. People you named years ago as Executor, Trustee, or Agent may now be deceased or incapable of filling those positions. Changes in your net worth may require adjustments to your estate plan. Tax laws have likely changed since you last updated your plan and you may be able to simplify your estate plan.

Your family depends upon you to organize and plan your affairs so they are not confused and burdened when dealing with your incapacity or death. Documents typically included in the estate plan:

Will - Directs who is to receive your property, names your Executor, avoids the cost of an Executors bond, and helps reduce the expenses of probate administration.

Trust - Reduces or eliminates estate taxes, avoids probate, controls the timing and purpose of distributions to children, grandchildren, and others, provides for children with disabilities, names someone you trust to manage your assets in the event of your incapacity or death, allows for ease of estate administration, maximizes your privacy, and avoids probate proceedings in multiple states if real estate is owned in different states.

Durable General Power of Attorney - Names someone you trust to manage your financial and legal affairs if you become incapacitated and names someone to be your guardian if you should ever need one.

Power of Attorney for Health Care, Living Will, and HIPAA Release - Specifies your wishes regarding life sustaining medical treatment in certain circumstances and authorizes family members or others to obtain medical information if needed.

Beneficiary designation forms - Identifies the beneficiaries of your retirement accounts and life insurance policies.

Complete Asset List - Guides whomever will take over your affairs because of death or disability.

click here to go to the Estate Plan Worksheet