Proper Estate Planning can Protect Couples with Big Age Gaps

October 30, 2024

A decade-sized age gap doesn’t seem like much when you are 38 and he’s 57. However, as you get older, the age difference can lead to challenges, including those concerning estate planning and long-term care. Proper estate planning can protect couples with big age gaps. There needs to be enough resources for the surviving spouse if the older spouse passes first, which isn’t always the case. According to a recent article, “Estate Planning for May—December Couples,” from Next Avenue, finances, wills and estate plans must consider the age difference.

The U.S. Census Bureau reports the average age gap in traditional marriages as 3.69 years. However, in some Western countries, about 8% of all traditional couples have an age gap of 10 years or more.

One couple had a nearly 20-year age gap when they sat down with an advisor. The husband had three grown children from a prior marriage and didn’t want to put his second wife’s financial security in jeopardy if he should die first. His will needed to be drafted so she would inherit the home outright, while also providing his three children with an equal share of remaining assets after a certain period.

Naming someone who is not also a beneficiary to be the executor of your estate may be especially helpful here. Someone who isn’t going to benefit from an inheritance may be more objective about how assets are distributed. During their years of practice with families of all types, experienced estate planning attorneys see all kinds of family situations, including couples in subsequent marriages with large age gaps. They can help navigate the best way for wealth to be distributed to protect both the younger spouse and any children from prior marriages.

A few essential tasks:

Review and update beneficiary designations on accounts like life insurance, retirement accounts and other assets.

Be clear in conversations about your intentions for personal property and document your wishes in your will. Family disputes over heirlooms, regardless of their value, can happen if you haven’t put those wishes in writing.

If the older spouse dies and the young one remarries, it’s possible the new spouse could inherit the older spouse’s assets unless good estate planning is done. The older spouse may consider leaving assets in a marital trust designed to benefit the surviving spouse. This way, the surviving spouse has access to funds as needed. However, upon the surviving spouse’s death, the assets go to the older spouse’s other beneficiaries.

Couples should always have a Power of Attorney, Health Care Power of Attorney and Living Wills created when working with an estate planning attorney. The medical power of attorney allows another person to make medical decisions in case of incapacity. A Living Will outlines what treatments you do or don’t want if you are terminally ill or injured. These documents vary by state and, just like your will, should be personalized to reflect your wishes. An estate planning attorney will show you how proper estate planning that can protect couples with big age gaps. If you would like to learn more about planning for couples, please visit our previous posts.

Reference: Next Avenue (Sep. 5, 2024) “Estate Planning for May—December Couples”

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Grandparents Raising Grandchildren need Specialized Estate Planning

October 28, 2024

Grandparents raising grandchildren need specialized estate planning. Navigating these issues can feel overwhelming. A skilled lawyer can help you understand your estate planning options and secure your grandchild’s future.

According to AARP, grandparents responsible for their grandchildren must often establish a legal relationship to care for them fully. Without this, you may face difficulties enrolling them in school, getting medical care, or making important decisions on their behalf. Here are the primary options to consider:

Guardianship: This legal arrangement allows grandparents to decide about their grandchildren’s health, education and welfare. However, it is important to note that guardianship doesn’t always sever legal parenthood and may leave the biological parents with some authority.
Grandparent Power of Attorney: A power of attorney (POA) for grandparents is much more flexible than guardianship. This makes it suitable as a temporary solution. It confers the power to make decisions, such as enrolling a child in school or seeking medical treatment.
Adoption: Adoption is the most permanent option, since it legally transfers all parental rights to the grandparents. Once completed, all legal rights to the child transfer from the biological parents to you.

Each of these legal tools comes with specific responsibilities and levels of authority. Therefore, it’s crucial to consult with an estate planning attorney to choose the best path for your family.

In some states, consent laws allow you to enroll a child in school or access medical care without a formal legal relationship. These laws allow caregivers to sign an affidavit confirming they are the primary caregiver, which may be enough to get the child’s medical services or educational enrollment. However, these laws vary by state, so you must check the rules in your area or consult an attorney.

Many grandparents worry about the financial burden of raising grandchildren, especially without formal legal arrangements. Public benefits are fortunately available for children that don’t require grandparents to have custody or guardianship. Programs such as Social Security benefits, child support, or foster care payments can help ease the financial strain. Your income may sometimes not even be counted when determining the child’s eligibility for assistance.

An article from the Chillicothe Gazette discusses an interview with Southeastern Ohio Legal Services attorney Sierra Cooper, where she covered adoption by grandparents. Among other topics, Sierra discussed how the power of attorney or caretaker authorization could provide a quicker route to gaining legal rights.

Sierra also discussed guardianship and adoption as complex but more permanent options. While the process can be challenging, legal tools are available to provide simple, short-term answers as well as enduring solutions.

Estate planning goes beyond simply caring for your grandchild while you’re alive. A solid estate plan will make all the difference if something happens to you. You can outline a guardian and backup guardian to take over raising them or establish a trust to manage their inheritance.

Grandparents may also want to consider durable powers of attorney and advance healthcare directives for themselves. These documents outline your wishes in case of an emergency.

If you are a grandparent raising grandchildren. or anticipate that you may need to take on this role, it’s essential to have specialized estate planning in place. By acting now, you can protect your grandchildren’s future and ensure that they have the support they need. If you would like to learn more about planning for grandparents, please visit our previous posts.

References: AARP (Aug. 11, 2011) “Raising Grandkids: Legal Issues” and Chillicothe Gazette (Oct. 8, 2018) “Need to help care for grandchildren? Here’s some legal tips”

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Estate Planning When You’re Single

October 24, 2024

Estate planning when you’re single can be daunting when there is no one to assist you. For one woman, the wake-up call arrived when listening to a friend explain all the tasks she needed to perform for her 91-year-old mother, whose needs were increasing rapidly. Solo agers, people who are growing older without spouses, adult children, or other family members, are now a significant part of the older population, says the article “Going Solo: How to Plan for Retirement When You’re on Your Own” from The New York Times.

Seniors who are married or have adult children have many of the same retirement planning issues as their solo ager counterparts. However, figuring out the answers requires different solutions. Managing future healthcare issues, where to live and how to ensure that retirement savings lasts needs a different approach.

Options must be addressed sooner rather than later. Estate planning is a core part of the plan. While you can’t plan everything, you can anticipate and prepare for certain events.

Determining who you can count on in a healthcare crisis and to handle your financial and legal issues is key. This is challenging when no obvious answers exist. However, it should not be avoided. You’ll need an estate plan with advance directives to convey your wishes for medical treatment and end-of-life care.

An estate planning attorney will help draw up a Power of Attorney, so someone of your choice can step in to make legal and financial issues if you become incapacitated. You’ll also want a Healthcare Proxy to name a person who can make medical decisions on your behalf if you can’t communicate your wishes. While it’s comfortable to name a trusted friend, what would happen if they aren’t able to serve? A younger person you know and trust is a better choice for this role.

A Last Will and Testament is needed to establish your wishes for distributing property. Your will is also used to name an executor who administers the will. Think about people you trust who are a generation or two younger than you, like a niece or nephew or the adult child of someone you know well. You’ll need to talk with them about taking on this role; don’t spring it on them after you’ve passed. Just because someone is named an executor doesn’t mean they have to accept the role.

Where you age matters. From safety and socialization standpoints, aging alone in a single-family home may not be the best option. Having a strong network of friends is important for the solo ager. Moving to a planned community with various support systems may be better than aging in place. Explore other housing options while you are still able to live on your own, so you can make an informed choice if and when the time comes for community living.

Estate planning when you’re single doesn’t have to be a headache. A combination of professional help will make the solo aging journey better. An experienced estate planning attorney, financial advisor and health insurance source can help you navigate the legal and business side of your life. Check with your town’s senior center for available social services and activities resources. If you would like to learn more about planning as a single person, please visit our previous posts.

Reference: The New York Times (Sept. 21, 2024) “Going Solo: How to Plan for Retirement When You’re on Your Own”

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Gen Zers Need Estate Planning

October 23, 2024

Gen Zers need estate planning. They may still be young, ages 17–27. However, this doesn’t mean some don’t have ownership and assets to protect with estate planning. Medical emergencies and car accidents happen to people of all ages. An estate plan protects the person as much as their property. The sooner you have a plan in place, says a recent article from yahoo! finance, “Why Gen Z Should Be Thinking About Estate Planning,” the better.

For many young adults, estate planning is like buying rental insurance. You don’t expect to deal with a fire or have your home broken into. However, having insurance means if such events happen, your possessions will be insured, and you’ll be made whole.

Gen Zers who are signed up for employee benefits like 401(k)s or retirement plans already have assets to be passed to another person if they should die young. These accounts typically feature beneficiary designations, so they should be sure to have those completed properly. Many Gen Zers name their parents or siblings as their beneficiaries at this point in their lives. The future may bring new relationships, marriage and children, so they must update these beneficiaries throughout life.

While practically everyone using a cell phone or computer has digital assets, Gen Zers are likely to have more digital currency and crypto in digital wallets. They may have intellectual property on platforms, including TikTok or YouTube. These assets need to be protected in a digital estate plan. The information required to access these accounts should not be in a last will and testament. However, they should be documented so the assets are not lost.

Other digital assets don’t have any value. Users don’t have the right to transfer the assets, like social media accounts or music files. Having a conversation with a digitally savvy person about these assets and providing them with login and account information is an integral part of an estate plan.

Gen Zers do need a will. Without a will, the estate will get tangled up in probate, a court process where the laws of your state determine who inherits any possessions. This takes time and court fees can add up quickly.

Having a will created with an experienced estate planning attorney encourages a review of assets, providing a perspective of finances that one might not otherwise have early in their career.

Estate planning also includes planning who will make medical and financial decisions in case of incapacity. These documents, including a Power of Attorney, Healthcare Proxy, Living Will and other documents, are state-specific. Once someone becomes a legal adult, neither parents nor siblings can be involved with medical care or handle finances, unless these documents are created and executed. Trusted friends can also take on these roles.

Gen Zers need estate planning. They should make an appointment with a local estate planning attorney. They’ll provide guidance through the process. Regardless of age and stage, having a plan creates peace of mind for young adults and their family members. If you would like to learn more about planning for young adults, please visit our previous posts.

Reference: yahoo! finance (Sept. 17, 2024) “Why Gen Z Should Be Thinking About Estate Planning”

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Important Steps to take After the Passing of a Spouse

October 9, 2024

The passing of a spouse is one of life’s most stressful events, topping the list of most mental health checklists for anxiety-creating experiences. There are important steps to take after the passing of a spouse. It’s important to build in answers to “what if’s” into an estate plan, advises a recent article from The Penny Hoarder, “How to Change Your Estate Plan After Your Spouse Dies.”

It’s easy to procrastinate estate planning. However, even if you have a will, as 1.3 million Americans do, you’re not finished. Regular updates of your estate plan to reflect new circumstances are necessary, especially upon the death of a spouse. It’s complicated to do this when grief is fresh. However, it becomes manageable by taking this task one step at a time.

Married couples typically create their estate plans together, with the understanding of one spouse outliving the other. Being realistic about who is likely to die first sounds a bit morbid. However, it should be taken into consideration. Males tend to have shorter lifespans, while people who live with chronic conditions, like diabetes, heart disease, or cancer, should keep the impact of their conditions in mind when making plans for the distant or not-so-distant future.

Powers of Attorney should be updated every few years. This is the person chosen to handle financial and legal affairs in case of incapacity. In most cases, this is assigned to a spouse, so it should be updated soon after the spouse passes. The power of attorney does not have to be an adult child but should be trusted, organized, and financially savvy.

Another document to be updated is the Healthcare Proxy, sometimes called a Medical Power of Attorney. An adult child living nearby, a trusted friend, or another relative needs to be named and the document executed in case you should become incapacitated. This way, someone can act on your behalf without going to court to obtain guardianship.

Wills and trusts need to be updated. With your spouse’s passing, your estate may now be vulnerable to estate taxes on the state and federal levels. Who do you want to inherit your property from, and what’s the best way to pass assets on to the next generation? An experienced estate planning attorney will be needed to make this happen most efficiently and expeditiously.

After a spouse passes, you’ll also want to review beneficiaries on life insurance, retirement accounts and any accounts with a named beneficiary. If these documents have contingency beneficiaries who receive the assets, you’ll be in good shape if the primary beneficiary has died. However, do you know for sure the accounts are structured this way? Reviewing all these accounts is surely a good idea.

It may be time for the estate to include a trust. The most significant change occurring when a spouse dies is the surviving spouse is now legally considered single. All states have laws about how much assets may be owned to qualify for Medicaid. This number is dramatically lower for a single person than for a married couple. The surviving spouse may need to put their assets into a trust to exempt some assets that would otherwise need to be spent down before qualifying for Medicaid.

This is also the time to review end-of-life documents, including a Living Will and other medical directives.

There’s no way to make the loss of a spouse easy. However, these important steps to take after the passing of a spouse will provide some peace of mind. If you would like to learn more about planning for surviving spouses, please visit our previous posts.

Reference: The Penny Hoarder (Sep. 5, 2024) “How to Change Your Estate Plan After Your Spouse Dies”

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Estate Planning Essentials for LGBTQIA+ Couples

September 25, 2024

Estate planning essentials are crucial for everyone, but can be especially vital for LGBTQIA+ couples. Even though marriage equality laws have leveled the playing field in many ways, there are still unique challenges and opportunities that LGBTQIA+ couples should consider. Creating and updating your estate plan to reflect your changing life situation is key to protecting your assets and loved ones.

Like any other couple, LGBTQIA+ couples must have certain essential documents in place to protect their rights and wishes. These include:

Living Will: Outlines your wishes for end-of-life care if you cannot communicate them yourself.
Health Care Power of Attorney: Designates someone to make medical decisions on your behalf if you’re incapacitated.
Durable Financial Power of Attorney: Allows someone to manage your financial affairs if you cannot.
HIPAA Privacy Authorization: Ensures that your designated person can access your health information when necessary.

These documents are critical for ensuring that your wishes are respected, especially when one partner might not be recognized as a legal spouse due to outdated or incorrect paperwork.

One of the unique challenges for LGBTQIA+ couples, particularly those with children, is the legal recognition of both parents. In many cases, only one partner is the biological parent, which can create complications if the biological parent passes away or if the couple separates.

By adopting their partner’s child, non-biological parents can establish a legal relationship with the child and obtain parental rights. This can prevent disputes over custody with extended family members and protect the child’s inheritance rights.

LGBTQIA+ individuals must ensure that the beneficiary forms for their insurance plans, retirement accounts and other financial assets are current. These forms override what is written in a will. Therefore, if you forget to replace an ex-partner or family member as a beneficiary, that person will inherit those assets.

This is especially important for LGBTQIA+ couples who may have previously named someone other than their spouse as a beneficiary before their marriage was legally recognized. Regularly reviewing and updating these forms, especially after major life events, ensures that your assets go to the person you intend.

Before same-sex marriage became legal, many LGBTQIA+ individuals entered into domestic partnerships, civil unions, or other legal arrangements to protect their relationships. However, some states automatically upgraded these partnerships to marriages when the law changed, sometimes without the couple’s knowledge.

This can create a “tangled web” of legal relationships that could lead to complications with your estate. For instance, if you didn’t formally dissolve a previous partnership, your former partner might have a claim to your estate. It’s important to resolve any past legal unions to prevent future disputes.

In a story shared in the MassMutual blog, Joan Burda, an attorney in Lakewood, Ohio, shares the cautionary tale of LGBTQIA+ couples who entered domestic partnerships or civil unions before legalizing same-sex marriage. These partnerships were sometimes automatically upgraded to marriages without the couple’s knowledge when laws changed, leading to unexpected complications.

For instance, couples who thought they had dissolved their previous legal relationships might find that their former partners still have legal claims on their estate. This underscores the importance of reviewing and resolving all prior legal unions to prevent future disputes and ensure the full protection of their current relationships.

Estate planning is not a one-time event. Laws change, relationships evolve and your plan needs to reflect those changes. LGBTQIA+ couples should take time for a review of their estate planning essentials, resolve any past legal relationships and ensure that their beneficiary forms are up to date.

Your relationship and family deserve the strongest legal protections available. Don’t leave your future to chance—ensure that your estate plan reflects the unique needs of LGBTQIA+ couples. If you would like to learn more about planning topics for same sex couples, please visit our previous posts.

Reference: MassMutual (June 06, 2024) “Estate Planning for LGBTQIA+ Couples”

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Prepare for Unexpected Medical Events with Estate Planning

August 28, 2024

Estate planning is more than the distribution of property after a person dies. You can prepare for unexpected medical events with estate planning. In fact, a large part of an estate planning attorney’s practice concerns helping people prepare for the unexpected. A recent article from Merrill Foto News, “Know Your Legal Rights: Advance Care Planning Paves The Way For Future Medical Decisions,” explains what steps should be taken.

Anyone over 18 should have certain advance care plan documents in place, although these documents become even more critical as one reaches their later years. People who have been admitted to the hospital for emergency care, treatment for illness, or surgery all need someone else to speak with medical personnel on their behalf.

Having an Advance Directive, which is also known as Health Care Power of Attorney in some states, is necessary for another person to be able to be involved with your medical care. The healthcare law has become very restrictive, and simply being a person’s spouse or child may not be enough to allow you to make critical decisions on their behalf.

It’s best to name two people as your health care power of attorney—a primary and a backup in case the primary is unable or unwilling to act. If you and your spouse are both in a car accident, for instance, you’ll need someone else to advocate for both of you.

Who to name as your agent depends upon your situation. If your adult children live nearby, one of them may be the best choice if they can be counted on to follow your wishes. If no family is nearby, naming a trusted friend may work, unless you and the friend are both elderly. What would happen if your friend predeceased you or was unable to come to the hospital in the middle of the night? Your estate planning attorney can discuss your situation and help you determine the best candidates.

While many fill-in-the-blank Health Care Power of Attorney documents are available, it’s best to have one prepared by an estate planning attorney to reflect your wishes.

Your feelings about artificial life support also may have changed. Before COVID, people often said they didn’t want to be put on a respirator. However, respirators now save lives. Your wishes to be kept alive in the presence of different kinds of medical evidence may have changed from ten years ago. What if your heart is still working and a brain scan shows evidence of mental activities? Progress in medicine has led to more complex questions and answers about patients’ prognoses; you want a healthcare power of attorney document to reflect your wishes, given advances in medicine today.

Your feelings about healthcare decisions may have changed over time, so healthcare directives and an estate plan should be updated similarly to reflect changes in your life and circumstances. An estate planning attorney will help you and your family prepare for unexpected medical events with sound, comprehensive estate planning. If you would like to learn more about dealing with medical issues in your planning, please visit our previous posts.

Reference: Merrill Foto News (July 25, 2024) “Know Your Legal Rights: Advance Care Planning Paves The Way For Future Medical Decisions”

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Ensure your Child’s Future is Protected with Estate Planning

August 26, 2024

Becoming a parent is an exciting journey filled with dreams and plans for the future. Amidst the joy and anticipation, you also need to consider your child’s future security. While no one wants to think of it, the worst could happen to you, and you could become unable to care for your child. Without an estate plan, your assets could go through a lengthy probate process, and the court would decide on guardianship for your children. Ensure your child’s future is protected with estate planning.

Estate planning involves organizing your financial affairs to ensure that your assets are managed and distributed according to your wishes after you pass away. It includes creating a will, assigning power of attorney and considering trusts. According to Experian, planning ahead can avoid potential legal complications and ensure that your loved ones are taken care of. Estate planning can also help minimize taxes and protect your assets from creditors.

Without a will, state laws determine the distribution of your assets and the guardianship of your children. This could mean that your child ends up with a relative you haven’t spoken to in years or foster care. An estate plan allows you to choose guardians and ensure that your child’s future is secure.

A will is the foundation of your estate plan. It should:

Name a guardian for your children.
Name an executor to manage your estate.
Specify who inherits your assets.

Power of attorney allows someone to make financial and health care decisions on your behalf, if you become incapacitated. This includes:

Financial Power of Attorney: Give someone the power to manage your finances and property.
Health Care Power of Attorney: Empower someone you trust to make medical decisions for you.

The best time to start estate planning is now. Waiting until your baby arrives can lead to delays and potential financial hardships. Building an emergency fund, contributing to a health savings account and setting up automatic savings transfers are great first steps. Proactively managing your finances can help reduce stress and ensure a smoother transition into parenthood. Starting early also allows you to make informed decisions and adjust your plan.

When Joyce Marter, a financial therapist and author, was expecting her first daughter, she found herself living paycheck to paycheck with substantial student loans. In an article by the NY Post, she reflects and explains how she realized the immense value of having a solid financial plan before transitioning into parenthood. Marter recalls a conversation with her pregnant supervisor, who advised her that no one is ever truly ready for a baby: “None of us are really ever truly ready — you just take the plunge and figure it out as you go.”

Years later, as Marter prepared for her own child, she understood the importance of proactive financial planning. She began by building an emergency fund, contributing to a health savings account and avoiding unnecessary baby registry items. These steps provided a financial safety net and helped reduce stress during her pregnancy.

Don’t wait until it’s too late. Ensure that your child’s future is protected and your wishes are honored with proper estate planning. If you would like to learn more about planning for minor children, please visit our previous posts.

References: NY Post (Oct. 18, 2023) “Savvy expecting parents need to start financial planning now” and Experian (Oct. 13, 2020) “How to Plan Your Estate as a New Parent – Experian”

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The Estate of The Union Season 3|Episode 10

The Estate of The Union Season 3|Episode 8 is out now!

August 19, 2024

The Estate of The Union Season 3|Episode 8 is out now! We all accumulate stuff as we go through life. When someone dies, what to do with all the stuff the deceased owned can be complex and exhausting.

It can also create fights over Who Gets What. In this edition of The Estate of the Union, Brad Wiewel interviews Ann Lumley, the Director of After Life Care at Texas Trust Law. Ann has seen just about everything that can happen with an estate where stuff (otherwise known as heirlooms and collectibles) can be an issue. Ann helps dissect the problems and highlights some strategies to help avoid collisions that often occur.

In each episode of The Estate of The Union podcast, host and lawyer Brad Wiewel will give valuable insights into the confusing world of estate planning, making an often daunting subject easier to understand. It is Estate Planning Made Simple! The Estate of The Union Season 3|Episode 8 is out now! The episode can be found on Spotify, Apple podcasts, or anywhere you get your podcasts. If you would prefer to watch the video version, please visit our YouTube page. Please click on the links to listen to or watch the new installment of The Estate of The Union podcast. We hope you enjoy it.

Texas Trust Law focuses its practice exclusively in the area of wills, probate, estate planning, asset protection, and special needs planning. Brad Wiewel is Board Certified in Estate Planning and Probate Law by the Texas Board of Legal Specialization. We provide estate planning services, asset protection planning, business planning, and retirement exit strategies.

Ensure your College-Bound Student has Documents in Order

August 5, 2024

Sending your child to college is a major milestone but comes with important legal considerations. Now that they live independently, handling a medical emergency could be much more complicated. The Wall Street Journal makes the case that, as parents, you must ensure your college-bound student has their documents in order. This way, you can help them if they need it in any situation.

When your child turns 18, you lose access to their medical, financial, or academic records. You could face significant hurdles in helping them during emergencies without the proper legal documents. There are four essential legal documents.

A HIPAA waiver allows your child to grant you access to their medical records. Without this form, healthcare providers cannot share any medical information with you due to privacy laws. This waiver ensures that you stay informed about your child’s health and can make informed decisions in a medical emergency.

A medical power of attorney designates someone to make medical decisions on your child’s behalf if they cannot. If your child becomes incapacitated due to illness or injury, you’ll need this document to manage their care. Families without a medical power of attorney will have to delegate important healthcare decisions to people they don’t know.

With a durable power of attorney, you can manage your child’s financial affairs if they cannot do so. This can include paying bills, handling bank accounts, and managing investments. This document is particularly important if your child is studying abroad or becomes incapacitated.

The Family Educational Rights and Privacy Act (FERPA) protects the privacy of student education records. A FERPA waiver allows your child to grant you access to their academic records. This can be important if you need to stay informed about their academic progress or assist in managing their education.

Without these legal documents, you could face significant challenges in assisting your child. For instance, you could be unable to learn about your child’s condition if they become hospitalized. You would also be unable to make decisions on their behalf to manage their care or finances.

Most of these documents can be obtained online for free or through your attorney. Ensuring that the forms meet your state’s legal requirements is essential. Some documents may require notarization. Here’s a brief guide on how to obtain each:

HIPAA Waiver: Available online or from your child’s healthcare provider.
Medical Power of Attorney: Available online, but ensure it complies with state-specific laws.
Durable Power of Attorney: Obtained from an attorney to ensure it meets state legal standards.
FERPA Waiver: Available through your child’s college or university.

The requirements for legal documents for college students can vary by state. If your child is attending college out of state, you may need to prepare valid documents for your home state and the state where your child studies. Consulting with an attorney helps properly prepare and execute all documents.

A durable power of attorney becomes even more critical if your child studies abroad. This document ensures you can manage their financial matters and make decisions on their behalf if they encounter issues while overseas.

Preparing these essential legal documents ensures your college-bound student has their documents in order and gives you peace of mind. Don’t wait until an emergency arises; take action now. If you would like to learn more about planning for college age children, please visit our previous posts.

Reference: WSJ (Aug. 14, 2023) “Before Your Child Goes to College, Complete These 6 Important Documents – WSJ”

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Category: Living Will

Proper Estate Planning can Protect Couples with Big Age Gaps

Grandparents Raising Grandchildren need Specialized Estate Planning

Gen Zers Need Estate Planning

Important Steps to take After the Passing of a Spouse

Estate Planning Essentials for LGBTQIA+ Couples

Prepare for Unexpected Medical Events with Estate Planning

Ensure your Child’s Future is Protected with Estate Planning

The Estate of The Union Season 3|Episode 8 is out now!

Ensure your College-Bound Student has Documents in Order

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