People frequently make the mistake of operating under the assumption that estate planning is only necessary when you have a valuable estate to protect and pass down. If you are the parent of young children, however, your children are the most valuable “asset” one can have, meaning you have more incentive than anyone to create a comprehensive estate plan. The best way to ensure that your estate plan protects you and your children is to work closely with an experienced Texas estate planning … [Read more...] about Estate Planning Tips for Parents of Young Children
Parents w/Young Children
Married Guardians
Nominating a guardian for your minor children is not an easy task. You have to decide who you know that will be the best person to raise your children in your absence. Most people choose a married family member with a family of his or her own. There is nothing wrong with that. However, many people go about drafting the nomination poorly. What many people do is to state that they want the family member and his or her spouse to be guardians. They make it sound like a joint guardianship. This can … [Read more...] about Married Guardians
Pass the Mic and the Guardianship
Often times, parents with young children disagree over who should be appointed as guardian of their children should something happen to the parents. The husband wants someone in his family to serve in that role, and the wife wants someone in her family. There is no need to fight about it. You can compromise. In this case, you can actually learn a valuable estate planning lesson from a member of the Beastie Boys. Adam Yauch, better known as MCA, passed away in May 2012, leaving behind a wife and … [Read more...] about Pass the Mic and the Guardianship
Minors Have Immediate Needs
If you are primarily responsible for a child or grandchild, one of the most important things that you can do is to plan for what will happen if you should suddenly pass away. You should make plans for the long term care and financial well-being of any minors that you care for. You should also make sure that the minors have quick and easy access to funds after you are gone. Many estate planning instruments require time to access. If you leave something to a minor in a Will, for example, then the … [Read more...] about Minors Have Immediate Needs
Don’t Play the Lottery With Your Children
If you have minor children, the odds of something happening to you while they are still young are not quite as high as the odds of winning the big Mega Lottery, but they are still pretty high. Unlike the small cost of a lottery ticket, however, the cost of not having an estate plan for parents of minor children is astronomical. You won't pay the costs; your children will. Also unlike the lottery, they will only pay the costs if their number hits. When parents do not make plans for who will take … [Read more...] about Don’t Play the Lottery With Your Children
Adopted Children and the Texas Probate Code
According to the Texas Probate Code, adopted children have inheritance rights when their parents die intestate. An intestate parent is one who dies without a valid will. An adopted child has the same intestacy rights of inheritance as a natural or biological child. The Texas Probate Code sets forth the rules of succession to determine which heirs are entitled to receive an inheritance when a Texas resident dies without a valid will. Pursuant to the Texas Probate Code, an adopted child has a … [Read more...] about Adopted Children and the Texas Probate Code
The Texas Probate Code and Stepchildren
According to the Texas Probate Code, stepchildren have few rights to inherit from their stepparents if they die without valid wills. A person who dies without a will is an intestate. An intestate’s heirs have a right of succession as determined by the Texas Probate Code. A stepchild does not have a right to either of his stepparent’s intestate property under the Texas Probate Code because the state does not consider him a legal relative. This is true even when a stepparent has a very close … [Read more...] about The Texas Probate Code and Stepchildren
The Texas Probate Code and After-Born Children and Half-Blood Children
According to the Texas Probate Code, half-blood children have half the rights to an inheritance than children of the whole-blood. A half-blood child shares only one natural parent as the rest of his siblings. Thus, when a decedent dies intestate leaving a half-blood sibling and whole-blood sibling, the surviving whole-blood sibling has a full intestacy right to his estate as predetermined by the Texas Probate Code. However, his half-blood sibling only has a right to half that right. An … [Read more...] about The Texas Probate Code and After-Born Children and Half-Blood Children
The Top Three Reasons Why Every Parent Needs a Will
When starting a young family and watching your first child come into the world, the last thing on your mind is creating a will. However, as soon as you are responsible for another human life, one of the very first things you should do is create your last will and testament. There are many reasons for this, not the least of which is making sure that your child is taken care of after your death. Even though we all plan to live a long, healthy life, we know that it doesn't always happen. Making … [Read more...] about The Top Three Reasons Why Every Parent Needs a Will
Placing Your Kids in Good Hands
As parents, we want the absolute best for our children. That’s why estate planning can be especially difficult for parents of children who are still too young to take care of themselves. It can be daunting to name a guardian to step in and handle the care and upbringing of your children if you can’t be there. And then there’s the concern of who should manage the inheritances you plan to leave behind. Minor children aren’t legally permitted to manage significant amounts of money for … [Read more...] about Placing Your Kids in Good Hands
