Your Kids Are Grown—Is Your Estate Plan Keeping Up?

Estate Planning for Parents of Adult Children: What Changes When Kids Grow Up?

Raising children comes with a long list of responsibilities, and estate planning is one of them. But as children grow up, move out, and start their own lives, your estate plan should grow with them. Whether they are financially independent or still rely on your support, ensuring your legal and financial plans reflect your current family dynamics is important.

Why This Is Important

Many parents initially create an estate plan when their children are young, ensuring that guardianship and financial provisions are in place. But once your children become legal adults, they no longer need guardianship, and your focus shifts toward preparing them to handle their inheritance and responsibilities should anything happen to you. Failing to update your estate plan could leave gaps that create confusion, delays, and unnecessary complications.

Key Updates to Consider

✔ Updating Guardianship and Decision-Making Roles Now that your children are adults, you no longer need to name a guardian in your will. Instead, consider whether they are ready to take on decision-making roles in your estate plan, such as:

• The executor of Your Will – This is the person responsible for settling your estate. Are your children mature and financially responsible enough for this role?
• Power of Attorney (POA) – Who will manage your financial and legal affairs if you become incapacitated? This could be your adult child or someone else you trust.
• Healthcare Proxy – Your child may now be old enough to make medical decisions for you if necessary.

✔ Revisiting Your Beneficiaries

• If your estate plan includes trusts for your children, consider adjusting how assets are distributed now that they are adults.
• Review life insurance policies and retirement accounts to ensure your beneficiaries are up to date.
• If your child is married, consider whether you want to protect their inheritance in the event of a divorce.

✔ Introducing a Trust for Inheritance Protection
While your children are now legal adults, they may not yet have the experience to manage a large inheritance. Setting up a revocable living trust allows you to control when and how they receive assets, preventing mismanagement and protecting their future.

✔ Discussing Your Estate Plan with Your Children
As your children mature, it may be time to bring them into the conversation about your estate plan. This helps them understand your wishes and prepares them for any responsibilities they may have in handling your affairs.

How to Get Started

Updating your estate plan doesn’t have to be overwhelming. Follow these steps:

1. Review Your Existing Plan – Take inventory of your will, trusts, power of attorney, and healthcare directives.
2. Consider Your Children’s Readiness – Are they financially responsible? Should you assign financial oversight to a trustee or co-executor?
3. Meet with an Estate Planning Attorney – A professional can help you make informed decisions based on your family’s specific needs.
4. Communicate with Your Family – Keep your children in the loop so they understand their roles and responsibilities in your estate plan.

How Rutkowski Law Firm Can Help

As your family evolves, so should your estate plan. At Rutkowski Law Firm, we help parents adjust their plans to reflect new family dynamics, ensuring that their children—and their legacies—are protected.

Let’s ensure your estate plan works for you and your adult children. Schedule a consultation today.