It can be a bittersweet feeling when your children grow up and move away from home. Not taking care of them as you did their whole life may seem daunting, but as an empty nester, you can still help take care of their future through estate planning! At Zaremba Center in Williamsburg, VA, we would like to recommend four items you should think about updating when your children move away! If you need assistance, contact us today!
Medical Power of Attorney
As a medical power of attorney, this individual will have the right to be in charge of critical healthcare decisions if you become incapacitated. It is essential to keep this updated with a child or individual you can trust to make any difficult decisions if need be!
Financial Executor
A financial executor is an appointed individual responsible for administering a deceased person's last will and testament. Their primary duty is to execute the will’s instructions and to manage the affairs and wishes of the deceased. This is a large responsibility, so it is crucial that the estate holder chooses someone who is up for the task!
Redirect Inheritance Funds
An individual who has the right to an inheritance might want to redirect the funds to someone else during specific situations. It is important to take note of these possible changes in your estate plan to avoid any potential issues from occurring down the road.
How and When to Allocate Assets and Inheritance
Establishing an inheritance plan is essential for knowing which family members will receive certain assets. Since you may now be an empty nester, your thoughts on inheritance might have changed, so it is important to reflect these sentiments in your estate plan.
As you begin to reflect on your life, it is crucial to have in place a sufficient will to properly care for your loved ones. We at Zaremba Center in Williamsburg, VA, are here to assist anyone with their estate planning needs. Contact us today to request a consultation.
