30 May
Many Texas residents and others around the nation understand the importance of planning for the future when they will no longer be around to care for their families. While not a pleasant topic, estate planning is a necessary process to ensure that one’s loved ones will be cared for properly. If a family has children, they often become the major focus of most decisions within a plan. This becomes even more critical if the person creating the estate plan is a single parent.
For example, a child would not typically have to move if one of his or her married parents were to pass away. However, after the death of a single parent, the minor children would have to likely leave their current home and possibly, even their city of residence. Therefore, the decisions made while estate planning carry much weight.
While the other spouse is most often the likely person to assume custody of the children after one’s death, this is not always the case. Much thought should be given to this scenario within the plan to ensure that the children will receive the care one desires. Thoroughly discussing these plans with extended family or friends who may be future care providers is of utmost importance. The estate plan should include a trust and a trustee that contains detailed information about guardians, visitation rights and a process about how funds should be used.
Estate planning is not a process many look forward to with anticipation. Nevertheless, it is an essential process – for individuals with assets of any amount, whether they are married, single, have children or not. A Texas attorney familiar with estate administration can assist clients in developing plan that are unique designed to meet their individual needs.