Are You a Later-in-Life Parent Seeking an Estate Plan?
Increasingly, many older Americans are becoming parents. They might have remarried in their 50s or 60s and had children. Or it might have taken a while to get to a point where they felt comfortable having a first child with their spouse.
Becoming a later-in-life parent can be exciting and exhausting. But it also presents unique problems when it comes to creating an estate plan. If you have become a later-in-life parent, you should meet with an elder law attorney in The Villages for help creating an estate plan that works for you.
You Can Appoint a Guardian in Your Will
Most people know that they can use a will to leave property to beneficiaries. But a will also has another important function: you can appoint a guardian of your minor children. If you die but your spouse lives, then he or she will still have custody. But if you both die, then a guardian must be appointed to raise your children.
It should be no surprise that you might pass even before your children attain adulthood, so appointing a guardian is critical. No one knows your children like you do, so don’t leave the appointment of a guardian up to a judge. Many people pick a sibling or family friends to serve. However, because you are older, these people might also die before you. Some later-in-life parents choose a niece or nephew to serve as guardian, or a close friend who is several decades younger than them. If they have adult children, they might also name them as guardian.
Identify How You Will Leave Assets
Leaving property to your children can become complicated when you are a later-in-life parent. For one thing, your children could be minors when you die, and you will want someone to manage the money for them until they become adults. A trust might be helpful. With a trust, you name a trustee who manages the trust assets for the benefit of the beneficiary, i.e. your children.
You might also have grown children from a previous marriage or relationship. Providing for them can be complex. You might want to protect assets for them, which might require different estate planning strategies.
Purchase Life Insurance
Life insurance is not for everyone, but it can come in handy if you have young children. You probably don’t want your spouse stressed about finances when you have a young child at home, and life insurance can set them up financially in the tragic event you die. Talk with your attorney about whether it makes sense to buy a life insurance policy.
Contact an Elder Law Attorney in The Villages
Estate planning is important at any age, but it becomes especially important later in life. If you have suddenly had the joy of becoming a parent in your 50s or 60s, you will need to update your estate plan or create one for the very first time. Meet with an experienced blended family estate planning lawyer in the Villages who can help.
Reach out to Millhorn Elder Law Planning Group today. We offer a free consultation, which you can schedule by calling 800-743-9732.
Resource:
hmoney.usnews.com/money/personal-finance/articles/2012/07/23/when-should-you-purchase-life-insurance
