Most young married Texas couples have a lot to focus upon as they move forward in life. Jobs and careers demand time and attention. Financial security is an obvious goal, even as major purchases (e.g., especially a home) are in the mix.
And, of course, having kids changes everything. Raising children is itself a full-time job.
Child-linked responsibilities – concededly, tasks that are assumed with love and joy by moms and dads – are spotlighted in a recent article published by financial services provider Motley Fool. That piece duly notes that, “Becoming a parent means taking on a whole new level of responsibility.”
Of course, parents who read our blogs at the long-established Austin law firm of Blazier, Christensen, Browder & Virr already know that. They persistently seek to do everything possible to safeguard their precious offspring and to ensure their security both presently and in the future.
The above article acknowledges that, but also points to one area that legions of loving parents don’t focus on enough, namely, estate planning.
Many parents with minor children don’t prominently put such planning on a front burner, being preoccupied with a lot of other matters already. And there is a widespread perception that estate planning becomes important only later in life, when considerable assets have been accumulated.
Actually, notes the Motley Fool article, “there are a few key estate planning steps that every parent needs to make.”
Guardian designation is one of those. Parents understandably have concerns regarding the continued security and well-being of their children at all times in the future. Who will care for them if a major life event (including, obviously, death) leaves them without parental care and vulnerable?
Executing a will and naming a guardian can fully address that concern. Life insurance too can provide valuable protection. And many parents find following close consultation with proven planning attorneys that flexible legal instruments like trusts can play a key role in providing for children many years into the future.
Central Texas parents seeking further information on how to take steps that will promote the best interests of their children can turn for guidance and diligent representation to an experienced Austin estate planning legal team.