Divorce changes many parts of your life, including your estate plan. As a parent of adult children, you might wonder what part they should play in your new plan. This decision needs careful thought, significantly since your family structure has changed.
Key roles your adult children can take
Your adult children can take on several duties in your estate plan. Each role comes with its own set of responsibilities and legal powers. Here are the leading roles to think about:
- Estate executor: Takes charge of paying bills, filing taxes and giving out assets
- Healthcare agent: Makes medical choices if you can’t speak for yourself
- Financial agent: Handles money matters when you’re unable to do so
- Trust manager: Looks after money or property held in trust
- Guardian: Cares for any minor children from a later marriage
Think about each child’s skills and life setup before picking roles. A daughter who works in finance might be great with money matters. A son who lives nearby could better handle healthcare choices than one who lives across the country.
Smart steps for planning ahead
When you bring adult children into your estate plan, keep these points in mind:
- Tell them only what they need to know right now
- Pick roles based on ability, not fairness
- Look at hiring pros for tough tasks
- Write down your choices clearly
- Talk with each child about their role
Having adult children help with your estate can work well, but it needs good planning. Meet with a Kentucky estate lawyer to put your plan in writing. This helps stop future fights and makes sure your wishes are clear. Your lawyer can also explain how Kentucky laws affect your choices and help you create a plan that works for your new family setup.
Remember, your estate plan should match your wishes while being fair to everyone involved. Take time to think through each choice, and don’t feel rushed to decide everything at once.