Planning for a child’s future is a priority for most parents. While making those plans, parents in Texas should also consider what would happen to their kids if they should both pass away. It’s not something most parents want to think about, but doing some estate planning can be essential when children are a part of the family.
Important steps to take
Parents should first set up powers of attorney for their finances and their health care. This gives someone else the permission to make decisions for them in two main areas when they can’t make them on their own because of incapacitation. This can ensure the children will have what they need in a time of uncertainty. Someone needs to raise the children when their parents can’t, which is why parents need to name a guardian and trustee for their children.
Guardian and trustee roles
The guardian of the children is the individual(s) who will take them while the trustee handles any money matters. The same person can be named for both or different people for each. When choosing a guardian for the children, parents should first consult the individual(s) to see if he or she is amenable to caring for the children since the kids need to be with someone they trust and, ideally, love. It should be someone who would make similar decisions to what the parents would have made. Setting up a chain of guardians can also be a wise idea in case the first option is unable to take the children.
There are many things to consider when it comes to estate planning involving children, including leaving money for their care, establishing trusts and so on. Texas parents could benefit from working with an experienced lawyer during this process to ensure all needed aspects are covered when establishing a comprehensive estate plan.