Becoming an empty nester is a major life transition. It is also a good time to check whether your estate plan still reflects your family’s current needs.
Guardianship clauses may no longer apply
Many parents create a will while their children are young. These documents often name a guardian to raise minor children if something happens to both parents. In Arizona, you reach the age of majority at 18 under Arizona Revised Statutes § 1-215. Once your youngest child turns 18, guardianship language in your will may no longer serve a purpose. Outdated guardianship language can also confuse other parts of your will.
Powers of attorney and healthcare directives
Your adult children are legal adults now. That status changes who can act for you in an emergency. Without updated documents, family members may not have authority to make medical or financial decisions on your behalf. An updated estate plan can include several key documents:
- Durable power of attorney: Lets someone manage your finances if you cannot.
- Healthcare power of attorney: Appoints someone to make medical decisions for you.
- Living will: States your wishes for end of life care.
These documents can give your family clear authority during a medical emergency. Reviewing these documents now can prevent confusion later.
Trusts can protect adult children’s inheritances
A lump sum inheritance can carry real risk for an adult child. Creditors, lawsuits and divorce proceedings can all reach assets that pass outright. A revocable living trust might allow you to stagger distributions at certain ages instead.
A trust can also reduce the time and cost involved in formal probate. Arizona treats most property that spouses acquire during marriage as community property under A.R.S. § 25-211. This rule can matter if you are blending families or acquiring new property. It may affect ownership in the future.
Exploring your options
A revised estate plan can reflect your family as it exists today rather than as it was years ago. You can review available estate planning resources to see how an update might work for your situation. Speaking with a lawyer may clarify which changes matter most for your family.