Estate planning can be stressful. Most people do not like to think about what happens after they die or if they have a major personal emergency. Thinking at length about those matters is key to the establishment of an effective estate plan.
It is very easy for people to procrastinate about estate planning. They may want to wait until their personal circumstances are stable. Others think of estate planning as something to do immediately before retiring. Most people wait too long to establish estate plans, which can leave them exposed in an emergency situation or leave their loved ones vulnerable after a tragedy. The parents of young ones in East Texas may want to establish an estate plan as soon as possible for the protection of their children.
No one knows what the future holds
Parents choosing to have children is an act of hope. They believe that they can offer their children a bright future and a lifetime of support. Unfortunately, not all parents achieve that goal. Sometimes, parents die unexpectedly. Other times, they might experience sudden medical emergencies that have devastating consequences.
Emergencies and tragedies can leave minor children quite vulnerable. An estate plan can protect them from hardship and trauma. Parents can name a guardian to take over their responsibilities. The ability to name a guardian is one of the most important benefits of drafting a will as a young parent.
Without a will that includes guardianship designations, children might be at risk of foster placement. Taking the time to name a guardian is critical for the long-term protection of vulnerable children. Parents may also need to consider whether they need to establish a trust.
Minor children cannot directly inherit property. The guardian caring for the children has control over their assets until they become legal adults. Establishing a trust and naming someone other than the children’s guardian as the trustee can be a smart decision. The trustee can act as a form of protection against misconduct by a guardian and can help preserve resources for the children when they become adults.
Parents may also want to establish living documents that authorize trusted individuals to handle medical decisions and financial matters if they become incapacitated. Otherwise, the family’s resources could be vulnerable because the parents cannot manage the household after an emergency leaves them incapacitated.
Making an effort to establish an estate plan can help protect vulnerable dependents and can give parents peace of mind. Thinking about the worst-case scenario can help parents to better protect their children in an unpredictable world.