What Parents with Children Should Know About Estate Planning 

 Posted on January 04, 2023 in Estate Planning and Probate

For many parents, one thought in particular is unconscionable: passing away while their children are still young. For families with children and two living parents, you may not think that you need to worry or think about estate planning. You may consider your children protected since you and your spouse are still alive. However, life can be wildly unpredictable. Therefore, while it is unlikely you will ever need an estate plan that considers the various needs of your children living without you, like the saying goes - it is better to be safe than sorry.

While you cannot directly leave money for a minor, regardless of whether they are your child, there are estate planning tools that allow you in other ways to protect them. If you are a parent with minor children and do not have an estate plan already made with your children in mind, the best time to create one is now. If you are interested in creating an estate plan and want to jumpstart the process, do not hesitate to contact a knowledgeable estate planning attorney who will work to ensure your estate plan is lawful and addresses the areas you are most concerned about. 

Tips for Estate Planning for Parents with Children

There are essential legal tools that parents with young children need to be aware of that they can use to safeguard their children's well-being should the unexpected take place. These legal documents and strategies include:

• Will – Parents with minor children are frequently advised to create a will. This is often a wise choice since parents can name in the will who they would like to take care of their child in the event the need arises. It should be noted that there is no guarantee the court will accept whoever you nominate to take custody of your child. However, the court will give significant weight to the parent's preferences. 

• Minor's Trust – As stated previously, parents cannot leave money directly for a minor. However, minor's trusts are an excellent way for parents to provide financial support to their children or even to hand down property. To create a minor's trust, parents must first choose a trustee who will distribute such funds as needed as the children grow up. Parents can also choose to include a governing clause that states when the children can directly take possession of any remaining funds as they enter adulthood. 

• Testamentary trust – Parents may use their will to create a trust. While this course of action may sound complex, it is possible. For example, the parents may posthumously create trust within their will's terms. They may decide to leave estate property to that trust. However, this does mean that your will must be submitted to the probate court, resulting in increased supervision by the court. 

Contact a Bexar County Estate Planning Attorney

Geoff Mayfield, Attorney at Law believes that it is better to be prepared for any possible scenario, no matter how unlikely. Our compassionate and determined Wilson County estate planning lawyers will work diligently with you so that your wishes are heard, respected, and implemented in a comprehensive estate plan with your children in mind. Call 210-535-0870 for a free consultation. 

Source:

https://statutes.capitol.texas.gov/Docs/PR/htm/PR.141.htm