Estate Planning Checklist for “Empty Nesters”

Becoming an “Empty Nester” is a major life event that can have a significant impact on your financial and legal life planning.

As you enter this new chapter in your life, it’s important to revisit any estate planning documents that you may have created in the past now that your children are grown and out of the house.

We’ve created a simple Estate Planning Checklist for Empty Nesters

that will help you easily analyze your documents and determine what changes need to be made…

… so that you can feel confident knowing that your plan accurately reflects a current snapshot of your life and clearly outlines your current wishes for your family and assets in the event you become ill, disabled, incapacitated, or pass away.

Keep in mind, now that your kids are legal adults, they may be called upon to manage your affairs or assist you if you have a medical emergency.  Or, they may need to take care of your estate when you pass away someday.  Ask yourself:

  • Do you have the right documents in place that will empower your adult children to do these jobs without stress, struggle, or having to pay excessive legal fees?
  • Are you taking steps to protect your nest egg so that your kids are never on the hook to pay for burdensome nursing home, assisted living, or home care expenses out of pocket?
  • Are you taking steps to ensure that your assets are passed to your now-adult children after death in a straightforward and secure way so that there’s no family drama or fighting when you are gone?

You’ll also want to ensure that your legal documents reflect any changes to your life and the law that have occurred over the years.  You’ll need to evaluate:

  • In What Ways Has Your Life Changed Since You Created Your Documents?
  • Have the Laws Changed?
  • Have Your Assets Changed?
  • Have Your Wishes Changed?
  • Do You Have New Medical Needs That Weren’t Addressed in an Older Plan?
  • Are You Still Happy with the People You’ve Named in “Helper Roles” such as Power of Attorney, Executor or Trustee?

If after going through the checklist you discover portions of your plan that are out-of-date or do not reflect your current wishes, we invite you to contact our office at (310) 782-6322 to schedule a review meeting where we will help you take a look at your documents and walk you through your options.

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