As summer winds down and families begin preparing for a new school year, there is usually a long list of things to do: buy school supplies, organize schedules, complete forms, update emergency contacts, and get everyone back into a routine.
But there is another important type of planning that families may want to add to their back-to-school checklist: estate planning.
Estate planning is not just something to think about later in life. Families with young children, teenagers, college students, and adult children can all benefit from reviewing their plans and making sure important documents are current.
This back-to-school season, take a moment to review the following areas of your family’s estate plan.
If You Have Young Children: Review Your Guardianship Plan
For parents of young children, one of the most important parts of an estate plan is deciding who would care for their children if something happened to them.
Your estate plan can identify the person or people you would want to serve as your children’s guardian. It can also address how assets should be managed for your children if they inherit money or property while they are still minors.
Simply telling a family member what you would want is not the same as formally documenting your wishes.
If your family has grown, your circumstances have changed, or the person you previously selected is no longer the right choice, back-to-school season can be a good reminder to revisit your plan.
If Your Children Are Older: Review Your Family’s Financial Plan
As children get older, families’ financial circumstances can change as well.
You may have purchased a new home, opened new financial accounts, started a business, received an inheritance, or accumulated additional retirement savings. Your estate plan should reflect significant changes in your financial life.
Take some time to review:
- Your will
- Trusts
- Life insurance policies
- Retirement accounts
- Beneficiary designations
- Powers of attorney
- Other important financial documents
Keeping these documents current can help ensure that your plan continues to reflect your wishes.
Is Your Child Turning 18? Don’t Overlook This Milestone.
One of the most important estate-planning milestones for parents is a child’s 18th birthday.
Many parents assume that they will automatically be able to make medical or financial decisions for their child in an emergency simply because they are the parent. Once a child becomes an adult, however, the legal situation can change.
Parents of young adults should consider discussing documents such as a health care proxy, HIPAA authorization, power of attorney, and advance directives with their child.
These documents can help establish who may make certain decisions or access certain information if the young adult is unable to do so themselves.
This is particularly important for students heading off to college, where parents may be miles away when an emergency occurs.
Sending a Child Off to College? Add Estate Planning to the Checklist.
College preparation often involves packing, tuition payments, dorm supplies, class schedules, and health information. Estate planning may not be at the top of the list, but it deserves consideration.
Before a young adult heads off to school, families may want to discuss:
Health care: Who can make medical decisions if your child is unable to make them?
Financial matters: Who can handle certain financial or legal matters if your child cannot?
Emergency information: Does your family know who to contact and where important documents are located?
Important records: Are essential documents organized and accessible if they are needed unexpectedly?
Having these conversations before an emergency occurs can make an already difficult situation easier to navigate.
Don’t Forget About the Parents and Grandparents
Back-to-school season is also a good time for parents and grandparents to review their own estate plans.
Grandparents may have created trusts or beneficiary designations for children or grandchildren years ago. Parents may have named guardians or beneficiaries when their children were very young.
But families change.
Children grow up. Marriages and divorces happen. Family relationships change. Assets are acquired or sold. People move. Tax and financial circumstances evolve.
A plan that made sense several years ago may not accurately reflect your wishes today.
Ask yourself:
- Have my family circumstances changed?
- Are the people I named in my documents still the people I would choose today?
- Are my beneficiaries current?
- Have I acquired or sold significant assets?
- Have my children or grandchildren reached important life milestones?
- Have I reviewed my estate plan recently?
If the answer to any of these questions is no, it may be time for a review.
Your Back-to-School Estate Planning Checklist
Before the school year gets too busy, consider adding these items to your family’s planning list:
- Review your will and other estate planning documents.
- Confirm your choice of guardian for minor children.
- Review your powers of attorney.
- Review your health care documents.
- Check beneficiary designations on retirement accounts and life insurance policies.
- Consider whether your trusts still reflect your wishes.
- If your child is turning 18, discuss appropriate health care and financial documents.
- If your child is heading to college, make sure your family has discussed emergency planning.
- Organize important documents so your family knows where to find them.
- Consider whether recent changes in your family or finances require an estate plan update.
Planning for the School Year—and Beyond
Back-to-school season is about preparing for what comes next. You make sure your children have what they need for the year ahead, establish routines, and prepare for the unexpected.
Estate planning follows the same principle.
You cannot predict every situation your family may face, but you can take steps to make sure your wishes are documented and that the people you trust are prepared to help when needed.
Whether you have a child starting kindergarten, a teenager preparing for graduation, or a young adult heading off to college, this time of year can be a useful reminder to look beyond the school checklist and review your family’s overall plan.
The best time to review your estate plan is before you need it.
Contact us today to schedule a consultation and ensure your power of attorney documents protect what matters most.
For more information on estate planning and elder law, visit our Resources page to explore previous blog articles, newsletters, and our informative webinar series.
This article is for educational purposes only and does not constitute legal advice. Estate planning needs vary based on individual circumstances. If you have questions about your family’s estate plan, consider speaking with an experienced estate planning attorney.
