A critical component of estate planning is documenting your wishes in the event of incapacitation during your lifetime, and clients often ask when their adult children should engage in estate planning. Because an unexpected illness or injury can happen at any age, all adults over age 21 should consider putting several basic estate planning documents in place. The next step after creating these documents is to share copies and discuss them with loved ones, including spouses, parents, or children who may be named in the documents as trustees, executors, or guardians.
No matter your age, the following documents are essential to ensuring your wishes are followed and your family is protected in the event of your incapacity or death. These should be reviewed with your adult children any time they’re updated, potentially due to marriage, births, divorce, and the accumulation of property and other assets.
Our free resource, A Peace of Mind Checklist, outlines key estate information and provides a simple, easy-to-use and easy-to-share document for all of your estate and final wishes. Download it for free here: Peace of Mind Checklist
Many clients ask for helpful tips or education that they can share with their adult children on managing finances, estate planning, and what they need to know as beneficiaries. We can always meet together with your family to discuss your estate planning wishes and your children’s role in them.
The broker-dealers of Cetera and their affiliated financial advisors do not provide legal advice. Please consult a legal professional regarding your specific situation.