Baby boomers want adult kids to step up estate planning

| Jan 22, 2019 | Estate Planning

Most people over the age of 50 want to invest in the futures of their children and grandchildren. But if Illinois residents of this ilk were to peg one thing that irks them about estate planning, it’s how little their children pay attention to their own estate plans. Most Baby boomers had legacy building foist onto them from their Greatest Generation parents, and they wish their children would follow suit.

Most Baby boomers are now in their 60s and 70s and they’re more concerned than ever with continued legacy building. In fact, a recent study has shown that more than 65 percent of these folks actually want their children and grandchildren to benefit from any wealth they’ve amassed. But their kids have to step up to the plate to make sure that happens. 

For instance, most Generation Xers and millennials don’t have estate plans or their financial affairs in order. They seem to have other priorities such as paying off student loans and clearing other debts. But their parents would like them to pause and plan their estates as well, and they’re willing to help by offering to pay for estate planning for them. Communicating that desire to their children should be done sensitively and with reassurance the gift is given with love and care.

An Illinois attorney would be able to help his or her older clients to give the gift of estate planning to their children. A lawyer can explain the merits of having an estate plan and sit down in confidence to help with the drafting of these plans. Those parents who do pay for their adult children’s estate plans must know, however, that just because they foot the bill, doesn’t mean they are allowed to see what those documents contain.