Many young adults don't realize that they need an estate plan to govern what happens if they can't make decisions for themselves or if they become incapacitated. Unfortunately, this oversight can have a negative impact on the people who are close to that young adult. We understand that starting out a life on your own and trying to build up that life can be complicated, but you should take the time to evaluate your goals and set your estate plan accordingly.
Being a parent means responsibilities. Lots of responsibilities.
There is a lot to think about when creating an estate plan, including what will happen to you and your finances in the event you become incapacitated.
There may come a point when you realize that your parents don't have the right type of estate plan in place. While you feel compelled to ask them about this, you also worry that you'll come across as greedy.
While most people realize that estate planning is a must, they don't want to put too much time and energy into the process. Instead, they hope to create an estate plan and move on with their life as quickly as possible.
College expenses are not what they used to be as they increase every year at state and public universities. How will your grandchildren pay for school? A part-time job, loans, grants and scholarships may fulfill some of the expenses. So might a traditional 529 savings plan.