Grandparents Who Are Parenting Again: Have You Updated Your Estate Plan?

Your retirement plans are grand: relaxing, traveling, a new hobby, or a new profession. You have worked a long time to reach the point of retirement. But what happens when as a grandparent, you must step into the role of parent – again? We know you are busy worrying about school, homework, clothing and basic needs for your grandchildren. As estate attorneys, we want to ask: for grandparents who are parenting again: have you updated your estate plan?

Updating Your Estate Plan

Our world is changing, and more seniors are raising their grandchildren. AARP says that according to the US census and stated that roughly 2.3 million American grandparents are now responsible for their grandchildren.

Ensuring your grandchild’s future is important, and you must take the time to update your estate plan. Your estate plan includes more than a will. It also includes your retirement policies, investments and a health care directive.

Items that need to be updated are:

• Your will
  • Re-evaluate the executor of your will. You want to choose someone who is responsible and carries out the legalities of a will.
  • You may need to change your beneficiaries now that you have found that at least one of your children may not be able to handle assets such as a house responsibly.
  • You must name a guardian for your grandchildren. If something happens to you, who do you want to continue raising the children?
• Healthcare directive
  • Revisit who you are comfortable with making medical decisions for you.
  • Verify who you have named your financial power of attorney.
• Life Insurance and other accounts
  • Look at all accounts that have named beneficiaries not in your will. This includes life insurance policies, retirement plans, investments and bank accounts.
• Trusts
  • Do you have a grandchild with special needs, you may need a special needs trust.
  • Do you want to establish a trust for your grandchild’s college education?

Updating your estate plan should be done every 3-5 years or with life-changing events, such as taking in your grandchildren. Working with an experienced estate planning attorney will help you update all aspects of your estate plan.

Oak Brook Estate Planning Attorney

Your plans have changed now that you are raising your grandchildren. Our estate planning lawyers can advise you on the best options to help you update your will, power of attorney and all documents within your estate plan. To talk to a qualified attorney in Chicago, contact the Estate & Probate Legal Group at 630-864-5835.

Areas We Serve: Cook, DuPage, Kane, Lake, and Will counties.