As a parent, you want to ensure that your children are always taken care of, even after you’re gone. When you have children in college, it’s important to consider estate planning to ensure that your assets and finances are properly allocated to your loved ones.
If you have college-aged children, contact us online or via phone at 817-899-3286 to discuss your estate plan and goals with an experienced attorney.
Here are five things to keep in mind when planning your estate as a parent with college-aged children.
1. Establish a Will
A Will is a legal document that outlines how your assets and property will be distributed after your death. It’s important to have a Will in place to ensure that your wishes are followed and that your assets are allocated according to your desires. Without a Will, your assets will be distributed according to state law, which may not align with your preferences. When creating a Will, be sure to name an executor, who will manage the distribution of your assets.
2. Consider a Trust
A trust is a legal arrangement in which a trustee manages assets on behalf of a beneficiary. Trusts can be useful for parents with children in college because they can ensure that assets are properly managed and distributed. For example, you could set up a trust to pay for your child’s college education or to provide them with financial support until they reach a certain age.
3. Review Beneficiary Designations
Many financial accounts, such as retirement accounts and life insurance policies, allow you to name beneficiaries who will receive the assets after your death. It’s important to regularly review your beneficiary designations to ensure that they are up to date and reflect your current wishes. If you don’t update your beneficiary designations, your assets may be distributed to unintended beneficiaries.
4. Consider a Power of Attorney
A power of attorney is a legal document that allows someone to act on your behalf if you become incapacitated. If you become unable to manage your own affairs, a power of attorney can ensure that your finances and other matters are properly managed. When choosing a power of attorney, be sure to select someone you trust who will act in your best interests.
5. Seek Professional Advice
Estate planning can be complex, and it’s important to seek professional advice to ensure that you’re making the best decisions for your family. Consider speaking with an estate planning attorney or financial advisor who can help you navigate the process and ensure that your estate plan aligns with your wishes.
Estate planning is an important step for parents with children in college. By establishing a will, considering a trust, reviewing beneficiary designations, considering a power of attorney, and seeking professional advice, you can ensure that your assets and finances are properly allocated to your loved ones. By taking these steps, you can provide your children with financial security and peace of mind for the future.