Estate Planning for Empty Nesters

Protecting Your Legacy After the Kids Leave Home

by Whitney Knox Lee, Esq.

September 4, 2025

When your children start heading off to college, moving out, or stepping into adulthood, the “busy years” of parenting shift into a new stage — one that can feel quieter, more reflective, and sometimes a little scary. For parents, this is the perfect time to revisit your estate plan to ensure it aligns with your current goals and circumstances.

Here’s what to consider during this stage:

Legal Authority Changes

Once your child turns 18, you no longer automatically have the authority to make medical or financial decisions for them. This means no access to banking information or medical records. You may not be able to learn information about college tuition and outstanding payments, for example. 

Prepare for being cut off from this information by speaking to your child about (and probably paying for) health care and financial powers of attorneys for them. This gives them the chance to authorize you to access some health and financial information so that you can support them during this growth-heavy phase.

Updating Guardians and Trustees

Your estate planning goals may shift from day-to-day guardianship to long-term legacy, retirement planning, and asset distribution. Reassess any trusts you created while your children were younger. You may want to loosen or tighten restrictions, or adjust who manages assets as your children become adults.

Beneficiary Designations & Accounts

Review retirement accounts, life insurance policies, and other assets. Make sure your beneficiary designations reflect your current intentions and your children’s independence. Maybe now you want to add your adult child as a beneficiary, whereas before you had their godparent or guardian designee as the beneficiary.

Blended Families and New Relationships

If your children are starting their own families, or if you have stepchildren, consider how your estate plan should reflect these new relationships. Do you want to protect your child’s inheritance from the possibility of a failed marriage? Would you like to leave assets for a stepchild? On the other hand, would you prefer to disinherit a child? Ensure everyone who plays an important role in your family structure is recognized legally where appropriate, and planned for accordingly.

Relocation and Long-Term Planning

Empty nesters often downsize, move to new states, or adjust retirement goals. Update your estate plan to comply with local laws and reflect changes in your lifestyle and assets. If you are 55 or older, start researching long-term care options and speak with an experienced elder law attorney and financial planner to help you plan for long-term care.

The empty nester stage is about transition — for your children, and for your estate plan. Life goals, family dynamics, and priorities evolve. By revisiting your plan now, you ensure it continues to serve your family’s needs and reflects your vision for the future.

This month, our Back-to-School Blog Series focuses on estate planning considerations for families with children — grouped by the age of the kids your life revolves around. Find more details and suggestions on our blog throughout September.

Not a parent? Forward this blog to a parent or guardian you know!