Your adult kid could be your alternate

By Beth Newcomb

When you have kids under the age of 18, your main focus in estate planning might be who will take care of them in the event you pass. But once they hit that magical age of legal adulthood, that kind of thinking should change says Jay Nabors, who, along with wife, Linda, is an attorney with Nabors and Nabors Ltd., the Strongsville-based law firm where John J. Urban is of counsel.

“Once your children become legal adults, or reach an age above 18 and have matured to the point that they are capable of handling your affairs, it may be a good idea to have your will modified to name one of your children as an alternate executor, and your powers of attorney changed to reflect the same,” Jay says.

In the majority of cases, a spouse is the first choice to serve as executor and primary decision maker, but an adult child should be named as the alternate.

“If, say, a brother or sister continues to hold the place as alternate, and you pass, it could delay your children getting their inheritance and cause conflict,” Jay explains.

“Another person in that role may not feel any urgency to wrap the estate up and instead drag his or her feet. Additionally, a child in that role helps to keep the details of your estate more private. Once they’ve graduated high school or college, it makes sense for one of your children to graduate to a higher level of responsibility with your estate.”

Once your kids become adults, it also makes sense to have powers of attorney and a living will drawn up for them so parents can make decisions on their children’s behalf should the need arise.

Nabors & Nabors offers Mimi readers a free legal services consultation in person or on the phone, with services at a contracted discount rate. Mention this story when you schedule an appointment. House calls and select evening appointments available.

To reach the attorneys at Nabors & Nabors Ltd., with John J. Urban of counsel, call 440-846-0000, ext. 227. The offices are located at 11221 Pearl Road, in Strongsville. Visit the website at Nabors-Law.com.