Most Texas residents and others around the nation don’t tend to spend a lot of time dwelling on what life will be like when they are no longer around. For those who do consider this scenario, they may begin the estate planning process, primarily to determine how their assets will be distributed among their loved ones. In addition, most individuals typically start the planning process later in life. While asset distribution is a major component of any estate plan, experts recommend that parents of young children start their preparations much earlier to avoid complications later.
Estate plans should include much more than specifying who should receive property or a share in a business. When minor children are involved, it is imperative to consider how their lives would be affected if their parents were deceased or unable to provide care for them. Certainly, making plans for their living arrangements would be of utmost importance.
A will or a trust could be established to designate who would be granted physical custody of the children. It would also be beneficial to name a power of attorney to make decisions on behalf of an individual should that person die or become incapacitated. Any funds within a trust could be managed by a designee until the children reach a specified age.
Regardless of age or family situation, it would be helpful to go through the process of estate planning to ensure that one’s wishes are carried out as desired. A Texas attorney family with estate administration laws can provide valuable guidance throughout the development of an estate plan. Having such a plan in place can provide peace of mind that a person’s family will be protected in the future.