Whether you’re part of a big family unit under one household with members of many generations or if you’ve recently blended your families with a new spouse, estate planning should be at the top of your to-do list. It’s very hard to think about all the different ways that your life is affected when you have many generations under one roof, but it’s something that could set you and your loved ones up for unnecessary confusion in the future.
If you’re caring for aging parents, for example, who has the legal right as the power of attorney to help if your loved one is incapacitated? Do you know? Do you have documents like this for yourself, and does your will outline whether or not your own parents would legally be responsible for your kids if something happened to you and your spouse?
You might assume that by default, since you’re all living in the same house, that you don’t have to worry about these issues. But that’s a big assumption to make, and one that can fall apart at the seams pretty quickly if something happens to you. If you’re unable to make decisions or to care for yourself, improper planning puts your loved ones in the difficult driver’s seat. You might think your parents would step in to care for you, but what if you forgot to update those documents after your divorce?
This means that your former spouse could maintain legal rights to make decisions on your behalf. While you might think it’s obvious that you don’t want a former spouse to be able to do this, your documents must match your intentions. Don’t let your loved ones find out the hard way.
Each family is unique, and as more families are blended and multi-generational, your estate planning lawyer should understand the dynamics of your family unit and should walk you through what according estate planning documents would look like. This way you know what to expect and can help you figure out how to adjust your documents in the future if something changes.
Make sure you work with a lawyer who provides tailored solutions for you and your loved ones- this is the best way to verify that all your considerations have been included in the process of determining tactics and strategies.
