Avoiding Estate Planning Parenting Fails

Every move you make as a parent has ramifications for your children, and the adequacy of your estate plan is no exception. Want to avoid estate planning parenting fails? Forbes recently released a helpful list of ways to avoid “ruining” your children with your estate plan.

• Make sure your plan is flexible so that it reflects your wishes properly over time.

• Consider your child’s beliefs and capabilities before appointing them to roles such as executor or power of attorney.

• Use trusts to limit distributions or protect children from creditors.

• Approach unequal distributions to children strategically and with open communication.

• Keep beneficiary designations up to date on financial accounts as asset values and life change.