Family is a big priority for our McAllen lawyers and the South Texas region. If you’re a single parent, providing for your children is paramount, especially after you’re no longer here to care for them. An estate plan is a crucial step in ensuring that your children are protected and provided for in the event of your untimely passing. The McAllen estate planning lawyers at Fryer and Hansen want to share unique considerations you should consider as you begin your process. Follow this guideline and create a comprehensive plan safeguarding your children’s well-being.
Choose Guardians for Your Children
If you have minor children, who will look after them if you’re gone? This is a heavy question, but perhaps one of the most important ones you’ll face. By naming a guardian in your will, you can designate someone you trust to take on this responsibility. As you create a list of potential guardians, pay close attention to their parenting style and ability to provide your children with a stable and loving environment.
Establish a Trust
While minors cannot inherit property directly in Texas, you can create a trust and assign a trustee to manage the assets you leave to your children. This process lets you specify how and when your children will receive their inheritance. As such, a trust ensures that your children’s financial needs are met while protecting those assets from mismanagement.
Update Beneficiary Designations
It’s essential to ensure your children are designated as beneficiaries on your retirement accounts, life insurance policies, and other assets. Failing to do so can potentially keep your children from quickly receiving the assets you intended to pass down to them.
Create Advance Directives
Your estate plan gives you the power to plan your children’s financial future, but it can serve much more than that specific purpose. Your estate plan can address healthcare decisions – you can use it to draft advance directives such as healthcare power of attorney and a living will. These allow you to appoint someone to make medical decisions on your behalf if you are incapacitated and outline your preferences for end-of-life care.
Reviewing and Updating Your Estate Plan Regularly
Life circumstances change, and your estate plan should reflect these changes. As a single parent, it’s crucial to review and update your estate plan regularly to account for significant life events such as marriage, divorce, birth, or adoption of children. This ensures your plan remains current and reflects your wishes and priorities over time.
Our McAllen Lawyers are Here for You
At Fryer and Hansen, our McAllen lawyers understand the unique circumstances surrounding life as a single parent. If you’re preparing to begin your estate planning process, know that our estate planning lawyers in McAllen are ready to help. We’ll listen to your story, support you as you identify your needs, and guide you as you create an estate plan that prioritizes your wishes and your children’s future. Get in touch with us today to learn more about our services or to schedule your appointment.