Estate planning is a must for parents

The estate planning process is important for Texas parents as it can provide a way to ensure that their children are cared for. There are a number of issues that parents can address in an estate plan. For example, one can name a preferred guardian for their children in case they pass away. In order for this to go into effect, however, a court will need to approve this long-term plan.

In addition, parents can use trusts to structure the process of transferring wealth to their children. By setting up trusts for minor children, they can name a trusted person to make decisions about how the funds will be used to provide for the children's needs. Documents like powers of attorney and health care advance directives can also help make sure that financial and medical decisions will be made in case of incapacity.

There are other considerations parents may want to address as part of an estate plan. While wills and trusts can help to lay out a long-term plan for the future, children have immediate needs. A separate document, posted visibly, can make clear a parent's wishes for their children in case of a sudden and unexpected death. This could include short-term guardianship provisions that may prevent a child from being taken temporarily into state custody.

When parents think about the future for their children, estate planning is a critical step. An attorney can work with a concerned parent to develop a plan that includes key documents like trusts and powers of attorney.

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