Transcript
When you become an empty nester and your kids are grown and out on their own, your plan is likely to change in a couple of ways.
- Now that they’re adults, there are new dangers lurking in their lives, and you probably want to change your plan to protect them from those dangers. Those dangers are creditors and potential lawsuits that may be brought against your children, or maybe they’re married and now there’s a future divorcing spouse. And so, you want to change your plan to help protect again those adult dangers.
- Now that your kids are adults, it may be appropriate for them to step into various roles in your plan. Maybe as a successor trustee. Maybe as your healthcare agent to make healthcare for you. Or as an agent under your durable power of attorney to make legal and financial decisions.
Those are the two times we have seen clients needing to change their plan as they shift from parents of young kids to parents of adult children.
