Do I Need an Estate Plan if I Still Live at Home With My Family?
Every adult needs an estate plan, even those living in multigenerational households; even if you do not own any assets in your own name, you still need to specify your wishes about who will care for your minor children and about the final disposition of your remains.
Say what you will about how millennials killed the dinner napkin and the table service chain restaurant, but they have done their part to bring back the multigenerational household. There are more multigenerational households in the United States than there were a generation ago. Despite this, a lot of the generic estate planning advice you find online is based on the assumption that you and your spouse will raise your children in a nuclear family household and then become empty nesters once your children reach adulthood. Adults who live with their parents need an estate plan, too, and so do seniors who live with their children and grandchildren. A St. Petersburg estate planning lawyer can help you get started on your estate plan, whether you plan to live in a multigenerational household temporarily or for the foreseeable future.
Estate Planning is Not Just for Wealthy People
You need an estate plan even if you do not have vast sums of money for your family to inherit. At a minimum, your estate plan should address the following questions:
- Who should have the right and responsibility to make decisions on your behalf about your finances and healthcare if you become too ill to do so?
- Who should get custody of your children if you and your spouse both die while the children are minors?
- Who should be the personal representative of your estate during probate?
- Do you want your body to be buried or cremated? Where should the final resting place of your remains be?
- Who should inherit the property that belongs only to you?
Contact Kruse Law About Estate Planning for Multigenerational Households
A St. Petersburg estate planning lawyer can help you draft the estate planning documents you need if you are living with your parents or with your adult children. Contact Kruse Law Group in St. Petersburg, Florida, to set up a consultation.