Summer can be one of the most exciting times of the year for both children and their parents. Kids get school for the next couple of months off and parents can use that time to plan for outings that can create memories that last for a lifetime.
For estate planners, summer may feel like the last season where they would want to look at their will or trust. It may feel better saving it for the beginning or end of the year to review current circumstances and what lies ahead. However, the middle of the year may be the perfect opportunity for parents to update their plans to accommodate their family’s upcoming needs.
Summer is one of the most popular times of the year for families to travel. Some may go on a road trip during Memorial Day while others might spend the night at a cabin during the Fourth of July.
Whether you choose to travel with your family or not, you need to make sure your estate plan is ready in the event of an emergency. Summer is the most dangerous season to be on the road, and California has the second highest amount of car crash fatalities in the nation. This shouldn’t discourage you from enjoying the season in other parts of the country or state, but you should take precautions regardless.
The next couple of months may be significant more a lot of parents if it’s their child’s last summer before college or the post-grad life. As your child starts living more independently, you may want to update your plan and design it to help them in this newer stage of their life. It won’t be long before they start worrying about student debt, rent payments and basic needs that you no longer provide for them at your house.
If you have older children that are close to getting their degree, summer may be a great opportunity to teach them about estate planning since they won’t be as distracted as they are during the school year. The earlier they know about it, the easier it will be for your whole family.
Parents that are confused on how to update their estate planning documents should consult with an experienced attorney to make sure that it will benefit all of their relatives in the event of an emergency.