Most people spend the last few months of the year thinking about their loved ones. For Georgia parents of adult children, this can be a difficult and overwhelming undertaking. Will their children use their inheritances wisely? How can they best provide for their children and grandchildren’s futures? When facing tough questions like these, estate planning is often the answer.
Individuals who are in their 60s and 70s tend to be more focused on their wealth management and leaving lasting family legacies. The U.S. Trust Insights on Wealth and Worth conducted a 2018 study that found that 67 percent of people aged 50 or older primarily want to use their wealth for investing in the lives of their grandchildren and children. Unfortunately, doing so is difficult when adult children do not have estate plans of their own. It can be hard to pass on an inheritance without any assurance that an heir will use it wisely.
Some experts are advising that parents consider gifting estate planning to their kids. However, it can be difficult for some adult children to get past the feeling that their parents are trying to meddle in their lives. Instead, broaching the topic with a discussion about the benefits of creating a family legacy that will last for generations to come might be a good place to start.
Scrimping on the estate planning process is usually not advisable, and doing so can leave some people in Georgia with noticeable gaps in their plans. In general, creating an estate plan early on in adulthood and updating it regularly can help ensure that a person’s plan is well-crafted and up-to-date. Parents who are considering helping cover the costs of a child’s estate plan may also want to consider these aspects of a well-rounded plan.