I have been writing about estate planning milestones for so many years that I almost forgot to memorialize my own entry to the empty nest club. There was no formal ceremony. A quick hug and kiss, followed by a slow walk to the SUV, and a few minutes later Apple Maps painted the long ride home. Dorm goods that had filled every space in the vehicle were gone. Thoughts turned to really important matters – locating decent food options along the various highways we would be traveling over the next four years.
Empty nest does not mean empty head. There are planning tasks that need attention. For the college students themselves, creating advance directives such as Powers of Attorney (POA), Health Care Proxies and HIPAA forms ensures that parents are legally able to handle their child’s affairs in an emergency.
Also, make sure that the state where the college is located accepts and honors New York forms. If not, make sure that the correct state forms are executed along with any College Proxy forms giving parents the proper authorizations.
This also may be the time to include now-adult children in your estate planning documents. No longer requiring guardians, your children can be added as alternate executors, alternate trustees, or agents under a POA or Health Care Proxy. I understand that not all young adults carry the same level of maturity. But the same can be said about some 50-plus adults I know. Use your best judgment.
Parents also realize that they’re no longer tied to a school district. "Empty nest" often leads to a new nest. Vacation homes are one way to forge a new path, instead of living under an old paradigm. In these cases, setting up a Trust to hold a primary residence and a vacation home is a good idea to avoid Probate in two states.
A completed and up-to-date estate plan helps alleviate worry when it comes to another major empty nest ambition—travel. After 13-plus years of following the school schedule, empty nesters can finally venture abroad during off-peak times. Considering the generational disparity in sheer numbers, Generation X empty nesters may still be competing with the large number of retired Baby Boomers circumnavigating the globe.
My folks always joked that they would rent my room to a drifter when I left for college. They did no such thing. They filled my old room with boxes, hangers, clothes and magazines instead. A drifter would have been better. We have different standards. My daughter’s room is not for rent and it will not be used for storage.
We’re thinking yoga studio or coffee bar.
Contact the professionals at The Feller Group, P.C. today to assist you with your Estate Planning options.
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