The holidays are nearing once again and you need to come up with a thoughtful holiday gift for your adult child. Some years are easier than others to think of that perfect gift for your child. If you are looking for a thoughtful gift for your adult child, you may want to consider an Estate Plan.
What is an Estate Plan? Why would this be a good gift for my adult child? These may be some of the questions going through your mind.
An Estate Plan is a plan put into place during a person’s life while they are capable. It arranges the management of their assets and puts into a place a plan for their family and loved ones in the case of incapacity or death. Most people may think of a will. A will is part of an Estate Plan, as well as Powers of Attorney, HIPAA Authorization and Guardianship.
You may be thinking that this sounds like a morbid gift, but really it is something that can bring peace of mind. When an adult child gets married or starts having children the love in their life continues to increase. With that love, there is an increase in responsibility and sometimes anxiety. For instance, after my wife and I had our first child, my wife was terrified to go on a trip without our child. She would worry about the chance that something terrible might happen to us. The unexpected worried her, as she wondered who would take care of our child if something were to happen to us. These types of worries are real, as is the worry of thinking about what would happen if my spouse passed away.
An Estate Plan can be as simple or as complex according to the needs of one getting an Estate Plan. An Estate Planning Attorney can go over the needs of the individual or family and assist in choosing what will most benefit their concerns.
An Estate Plan may not have been your first thought in choosing a thoughtful gift for your adult child, but it could be the gift that can add to their present enjoyment of life knowing that this is something that has been put into place.
The Swenson Law Firm is a business and estate planning law firm located in Sacramento County. This holiday season we offer free Estate Planning consultations. Give us a call if you would like more information. We are here to help.