The arrival of a child, whether expected or unexpected, comes with additional concerns. Namely, parents and guardians in Texas must consider the child’s welfare if they pass away prematurely. Effective estate planning could help address search concerns.
Comprehensive family estate planning
Thorough estate planning might be the right approach. If a family has three children and only two are named in the will, the third child might not be provided for properly after the parents’ passing. When the parents do not adjust their wills to include a new child, matters could become problematic during probate. Allocating the necessary assets to care for the child could be advisable.
If the child is very young, estate planning could involve developing directives for their future, including education, healthcare needs and more. The will could suggest who should receive custody of the child, although the courts will have the final say.
Revising estate plans
Going through one’s assets to determine what they have to divide among beneficiaries may be another responsibility to address before the child arrives. The arrival of a new child is a life-changing situation, so putting off estate planning alterations may prove disastrous.
Other matters to consider in estate planning include what to do when a child is of age but not fully mature or responsible. Parents could devise a trust, allowing them to manage the assets after their passing.
Those who do not have sufficient assets could consider putting a life insurance policy inside of a trust. This way, the beneficiaries do not receive all the money at once if this is not what the parents wish. Also, the trust could manage the assets of a minor child until they reach maturity.
