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Planning as a parent includes estate planning

On Behalf of | Aug 7, 2018 | Estate Planning

Texas parents often have a number of responsibilities that they need to address. Most of those tasks involve caring for their children themselves, but they may also find themselves needing to consider a time when they may not be able to care for their kids. It is an unfortunate reality that parents, even new ones, can suffer incapacitating or even fatal injuries or illnesses. Because no one is immune, it is wise for parents to start estate planning.

An estate plan can help parents detail how they want many affairs handled. For instance, if a person suffers a serious medical event that leaves him or her incapacitated, the decisions regarding that parent’s care should not be left up in the air. Fortunately, parents can use a health care proxy in order to have someone in charge of medical decisions, and they can also appoint a power of attorney agent to handle financial needs of the kids.

In the event that parents do pass away, having a guardian established is of the utmost importance. Of course, other steps need taking to address this type of scenario as well, such as creating trusts to hold assets for young children. These accounts can help ensure that property is protected until children reach adulthood or other milestones stipulated in the terms of the trust.

While a will may be the first document that people consider when thinking about estate planning, these plans can include many more documents. If Texas parents would like to explore their planning options, they may wish to utilize local legal resources. Knowledgeable attorneys can help them determine what tools could best suit their needs.


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