As a new parent, you may never have felt more joy than the day of your child’s birth. Of course, you may also never have felt more terrified. Having the responsibility of caring for another life can cause anyone to feel overwhelmed, but you undoubtedly believe the love you have for your child makes the stress and worry worth it. Because of that love, you may fear that a day could come when you and your spouse can no longer care for your child.
This type of scenario can act as a parent’s worst nightmare. However, understanding the inevitability of your death may help you address important life aspects. Therefore, you may wish to explore estate planning options to plan for your child’s future.
Creating a will
Though it may seem odd to think of an estate plan as a tool for your child’s future rather than one for the end of your life, the right plan can act as both. You may already know that you can use a will to detail how you want your property distributed after your death, but when you have a child, the importance of the will goes beyond that aspect. If you want to name a guardian for your child in the event of your death, you can use this document.
If you do not name a guardian, the court will appoint one for your child. In such cases, the appointed individual may not have been your first choice. By using your estate plan to address guardianship, you can carefully choose your child’s potential caretaker and discuss this role with your desired candidate.
Creating an estate plan can also help you avoid certain conflicts. As mentioned, you can name a guardian, which could avoid possible disputes over your child’s care. Additionally, your plan can help prevent arguments relating to the distribution of your assets. A thorough plan can ensure that your assets remain protected from potential litigation that could diminish the amount of property you want your child to inherit.
Because ensuring the future care of your child holds great importance, you undoubtedly want to make sure that you create your estate plan correctly and include all the necessary information. In order to do so, you may want to gain the assistance of an experienced Texas attorney. This knowledgeable professional can assess your needs and explain your options for crafting the best plan for you and your family.