Family with Adult Children
Parents’ estate planning concerns change greatly once their children become adults. To a large extent, parents have survived their children’s challenging adolescent years and begun watching them live their own lives. Parents may want to help their adult children start new businesses or help provide for grandchildren. The focus changes from the nightmare of a young child losing a parent, to the inevitability of an adult child surviving an elderly parent as the cycle of life progress to its natural conclusion. This change in focus is less traumatic, and yet, the planning is still equally important. Proper estate planning at this age can prevent financial disputes from breaking apart a family. Estate planning at this phase of life presents many options since the adult children can share in the responsibilities and benefits of an estate plan. For example, a family business can begin to be transferred from one generation to the next—to the adult children.