Beyond the Backpack: A Family Estate Planning Checklist Before Fall
August is a busy month for families. Between shopping for school supplies, organizing schedules, attending appointments, and preparing for a new school year, there is a lot to remember.
But before the school bell rings, there is another important checklist worth revisiting: your family’s estate plan.
Estate planning is not just something to think about later in life. For families with children, young adults heading off to college, or changing circumstances, having the right documents in place can provide clarity and protection when it matters most.
Here are a few important planning steps every family should consider before heading into fall.
Who Would Care for Your Children If You Could Not?
Backpacks are packed. School supplies are purchased. New routines are beginning.
But here is a question that does not always make it onto the back-to-school checklist:
If something happened to you tomorrow, who would raise your children?
For parents of minor children, naming a guardian is one of the most important decisions you can make. While it can be difficult to imagine a situation where someone else would need to step in, choosing a trusted individual ahead of time ensures your wishes are known.
Without a guardian designation, a court may ultimately decide who will care for your children. By including your wishes in your estate plan, you have the opportunity to choose the person you believe will provide the love, support, and guidance your children need.
If your guardian designation is outdated, or you have not made one yet, now is a good time to review your plan.
Preparing Your College-Bound Child for Adulthood
For families sending a child off to college, August marks an exciting transition. Between moving into a dorm, purchasing supplies, and preparing for this next chapter, many parents overlook an important legal milestone.
Once a child turns 18, parents no longer automatically have legal authority to access medical records or make decisions on their behalf, even in an emergency.
Three important documents can help provide protection:
Healthcare Proxy: Allows a designated person to make medical decisions if your child is unable to do so.
HIPAA Authorization: Allows healthcare providers to share medical information with individuals your child has authorized.
Power of Attorney: Allows someone to assist with financial or administrative matters when needed.
Taking care of these documents before your child leaves home can help reduce stress and uncertainty during an already emotional transition.
Reviewing Your Estate Plan as Life Changes
A new school year is often a time of organization and fresh starts. It is also a good reminder to ask:
Has anything changed since you last reviewed your estate plan?
Major life events can impact whether your current plan still reflects your wishes, including:
- A new job
- A new home
- The birth of a child or grandchild
- Marriage or divorce
- Moving to a new state
- Changes in your financial circumstances
An estate plan is not a “set it and forget it” document. Reviewing your plan periodically helps ensure your documents continue to work the way you intended.
Don’t Forget About Beneficiary Designations
While reviewing your family’s fall schedule and budget, add one more item to your checklist: your beneficiary designations.
Many people are surprised to learn that beneficiary designations on assets such as retirement accounts, life insurance policies, and certain financial accounts generally determine who receives those assets, regardless of what is written in your will.
For example, if you updated your will after a divorce, marriage, or other major life event but did not update your beneficiary forms, your assets may not pass according to your current wishes.
A comprehensive estate plan works best when all parts of your plan are aligned.
What Happens If You Don’t Have an Estate Plan?
One question families often ask is:
“What happens if I don’t have an estate plan?”
Without a plan, important decisions may be left to state law instead of being guided by your wishes. This can include decisions about your assets, your healthcare, and, for parents of minor children, who will care for your children.
We have worked with families who faced these challenges after a loss, when there was no plan in place and no opportunity to prepare ahead of time.
The good news is that planning does not have to wait.
Preparation Today Provides Peace of Mind Tomorrow
Back-to-school season is all about preparing for the year ahead. As you organize schedules, purchase supplies, and help your family transition into a new routine, take a moment to consider whether your estate plan is prepared as well.
The most important things you plan for are not just your belongings. They are the people you love, the decisions you want honored, and the legacy you hope to leave behind.
At Legacy Counsellors North, PLLC, we help families create thoughtful estate plans designed to provide protection, guidance, and peace of mind for the future. Contact us at office@estateandelderlawgroup.com or call 603-643-7577.