Becoming a new parent is an exciting time, and in some ways a scary time. Once the baby is born, new parents in Texas are immersed in late night feedings, routine appointments with the pediatrician and celebrating milestones in the baby’s development. While new parents may have taken certain steps to prepare for the arrival of their baby one often overlooked task that is important to complete is executing an estate plan. The following are two major estate planning tasks new parents may want to consider completing.
Passing down your assets
One thing that most people think of when they begin estate planning is executing a will or trust. These documents can serve as tools for passing down your assets to your chosen heirs. Many people choose their children as heirs. It is important to note that if you pass away without a will or trust, your assets will be passed on through Texas laws of intestate succession, so if you want someone other than your child to inherit part of your estate, you will want to execute a will or trust.
Selecting a guardian
It is the sad truth that sometimes a child’s parents pass away before the child is grown. Parents will want to think of who they want to raise their child should the unthinkable happen. To make this selection official, new parents will want to name a guardian for their child in their will. Keep in mind that your choice of guardian will still have to be approved by the court, who will make a decision based on the “best interests of the child.”
Learn more about estate planning
New parents considering an estate plan have a lot to think about. Ultimately, this post is for educational purposes only and does not contain legal advice. Those who want to learn more about estate planning are encouraged to explore our firm’s website for further information.