One can argue about the practical application in the life of learning about meiosis and mitosis, compared to “Wealth Management and Estate Planning 101.”
While the former is needed as a means of “mental gymnastics” required for developing the adolescent brain, there is also a strong argument that real life success is impossible without sound knowledge about budgeting, managing money, acquiring and protecting assets, as well as all the legal planning (such as a prenuptial agreement, living trust, powers of attorney, etc) that are involved with all of the above.
Many of my clients – having been on the receiving end of their parents' statement that “You'll find out what's in my Will when I die,” specifically request that their teen or post-teen children are present during the estate planning consultation and during the signing of the documents.
These clients are wise to understand that this is a great learning opportunity for their children. Not only will they learn the basic concepts of Estate Planning and what to do when one day they become the Successor Trustee, but also the duties and liabilities in managing trust assets, the importance of properly holding title to assets, the difference between community and separate property, the role of prenuptial agreements, of separate property trusts, etc.
This is an opportunity which sets up young adults to succeed in taking future steps with their own financial and legal responsibilities. Involving your children in the planning process puts them way ahead of their peers who were not exposed to these concepts, as such concepts surely are not part of the mainstream school curriculum.
Contact The Law Offices of Maria N. Jonsson, Trusts & Estates in Marina del Rey, on 475 Washington Boulevard.Contact Us to learn more.
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