Many baby boomers in Georgia have diligently worked hard to build their portfolios and amass a sizeable nest egg. Understandably, many of these same individuals have a desire to manage their family legacies. One study related to this topic found that nearly 70 percent of adults over 50 want to use their accumulated assets to invest in their children and grandchildren. Unfortunately, even the most well-organized baby boomers can’t control the actions their millennial beneficiaries take or don’t take.
Many Gen Xers and millennials simply don’t have estate planning high on their list of priorities. Some boomers’ children may be overwhelmed with debt themselves, or they might purposely resist making the effort to plan ahead because they feel like they are being pressured to do so. One possible solution is for future-minded boomers to give the gift of estate planning to their kids or grandkids. Some parents prefer to approach the subject when their children have kids of their own while others opt to use family events like the death of a loved one to bring up the subject.
One option for dealing with estate planning is to have a family meeting to discuss the matter. However, parents and children have more productive results if a neutral third party like a financial planner or attorney is involved. It’s also advised that parents or grandparents who voluntarily pay for an estate plan realize their boundaries, meaning they’re not automatically entitled to view completed documents or receive copies for themselves. Keeping this in mind could reduce issues with family tensions.
Once the gift of estate planning is given, an attorney may guide all involved parties through the process of preparing necessary documents. While organizing assets and putting together an individualized plan generally involves a will or trust, a lawyer may also customize a plan to a younger family member’s specific needs. Doing so might involve discussing beneficiary designations, making guardianship designations, preparing a healthcare power of attorney or drafting a letter of intent to determine what happens with certain assets in the event of death or incapacitation.