Families with Teenagers

Planning for families with teenagers is important due to the unique phase in life that members of the family are in. While your children are preparing to enter adulthood, you are probably wondering what your life will be like once your children are gone.

Planning for Your Teenager

Imagine leaving your assets to your children if something were to happen to you. Now, imagine your children being in charge of those assets as soon as they turn 18 years old. A little unsettling, right? Few people at that age, no matter how smart or talented they may be, are ready for such responsibility. Yet this is precisely what can happen if your estate goes through probate. However, there is a solution in the form of a properly drafted trust or trusts as part of your estate plan.

Trusts can safeguard your teenagers' inheritance by allowing you to decide what they will receive and when, setting aside funds for college while delaying large portions until they obtain certain ages or reach certain milestones. Trusts can often protect your teenagers from future lawsuits, creditors, and even divorces, ensuring that your hard-earned legacy is not lost or wasted due to your child being required to take on responsibilities before they are ready. Unlike a will, you do not even have to pass away before utilizing the benefits of a trust.

Despite our emphasis on protecting your teenager, we recognize that most parents want to balance helping their teenager with allowing them the increased independence that comes with age. Because of this, we sometimes suggest a durable power of attorney so that you may provide funds to your teenager while preserving your ability to step in and assist them if need be.

Planning for You

Even if your main concern up to now has been caring for your children, it is important that your estate plan takes care of you as well, particularly as your children approach adulthood. We recommend reviewing who the medical and financial decision makers would be and discussing what roles, if any, your children might play in your estate plan. We also recommend a review of your longer-term goals so we can discuss strategies for enhancing those goals and protecting your assets.