Estate Planning With College Aged Children

As your children transition into adulthood and embark on their college journey, it’s an exciting yet pivotal time for your family. While you’re focused on supporting their academic and personal growth as they take their first steps in entering the world, it’s also essential to consider the importance of estate planning. Creating an estate plan for your family, and encouraging your college-age children to start their own estate planning, is a critical step in safeguarding their future. Insightful Estate Planning, your trusted local estate planning attorney, is here to guide you through this process.

Why Estate Planning is Crucial for Families with College-Age Children

Knowing that your family's affairs are in order provides peace of mind. If something happens to you, your estate plan ensures that your wishes are carried out and your children are taken care of.

If your college-age child has younger siblings, your estate plan can specify guardianship arrangements. This ensures that they are cared for by individuals you trust, maintaining stability and continuity in their lives.

An estate plan helps protect and manage your assets, ensuring that your college-age children have the financial resources they need for their education and beyond.

As your children reach adulthood, it’s important to designate healthcare proxies who can make medical decisions on their behalf if they become incapacitated. This is crucial for both you and your college-age children.

Encouraging College-Age Children to Create Their Own Estate Plans

Once your children turn 18, they are legally considered adults. This means that you no longer have automatic access to their medical and financial information. An estate plan allows them to designate you as their agent, ensuring you can assist in case of emergencies.

College-age students should have healthcare directives in place, appointing someone to make medical decisions if they are unable to do so. This is particularly important given the potential risks associated with campus life and young adulthood.

A financial power of attorney allows your child to appoint someone to manage their finances if they become incapacitated. This ensures that their bills are paid, and financial matters are handled without disruption.

Young adults often overlook the importance of beneficiary designations on bank accounts, life insurance policies, and retirement accounts. An estate plan ensures these designations are in place and up-to-date.

Why Choose Insightful Estate Planning?

Local Expertise

Our attorneys have in-depth knowledge of the specific laws and regulations in our area. This local expertise ensures that your estate plan is compliant with state requirements and tailored to local circumstances.

Personalized Service

At Insightful Estate Planning, we take the time to understand your unique family dynamics and goals. We offer personalized advice and solutions that reflect your specific needs and wishes.

Comprehensive Guidance

We provide comprehensive estate planning services, from drafting wills and trusts to setting up powers of attorney and healthcare directives. Our holistic approach ensures that every aspect of your estate is covered.

Education and Empowerment

We believe in empowering our clients with knowledge. Our attorneys take the time to explain each element of the estate planning process, ensuring that you and your college-age children feel confident and informed.

Ongoing Support

Estate planning is not a one-time event. As your life and circumstances change, we are here to help you update and adjust your plan to keep it aligned with your goals. We offer ongoing support and guidance to ensure your estate plan remains effective.

Creating an estate plan for your family and encouraging your college-age children to start their own estate planning is a vital step in securing your family's future. Insightful Estate Planning offers the expertise, personalized service, and ongoing support needed to navigate this process successfully. Don’t leave your family's future to chance—contact Insightful Estate Planning today to schedule your consultation and begin the process of creating a comprehensive estate plan.

Contact us at (206) 457-3265 to get started today.