When it comes to financial planning for your children, it is important to remember that you are their first teacher when it comes to such matters. Everything from teaching them to avoid developing bad habits to long term planning that includes the development of an Arizona living will should be part of your arsenal of planning tools for your children. Consider the following tips to ensure that your children have complete control of their financial futures:

  • Help them to make an Arizona living will: As they get older, talk to them about the value of creating such a document. Show them your living will and talk about how into adulthood, these kinds of decisions are best made while you are still coherent and in your right mind. Help them to draft their own Arizona living will, so that they are assured that any medical decisions are made in the way in which they would want.
  • Talk to them in depth about responsible use of credit: This is key because poor credit decisions when you are young can follow you throughout adulthood. Talk about the specifics of credit – including interest rates – and offer to help your older children manage their credit when the time comes.
  • Start saving early: Start a savings account for your children when they are young and encourage them to contribute to it as adults. Teach them the value of saving and showcase why saving for a rainy day can be beneficial even into adulthood.
  • Teach them the value of being gainfully employed: Being employed gives you the freedom to make financial decisions and stake your independence, which is something you want to instill in your kids from the moment they are old enough to work. Encourage them to get a job as soon as they are of age and encourage them to continue to work throughout their lives. The level of financial independence that you have when employed is priceless, and it is key that your children know it.

There is no greater gift that you can provide to your children by being prepared yourself for financial matters and long-term care decisions that may crop up. From creating an Arizona living will to saving for their futures, lead by example and show them your own plan, so they can see the value in this type of planning and saving.

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If you are not sure as to what legal document you currently have contact one of our professionals to help you with your estate planning. They will make sure you have all of your grounds covered and have the right legal documents that best suite your wants and needs.

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