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Estate planning for single parents

Raising children comes with a great deal of concerns and decisions that must be made. One of the most important decisions focuses on who will care for the children if the parents become unable to do so -- this is especially important if only one parent is in the picture. Fortunately, by going through the estate planning process, parents in Texas are able to provide protections for their children when they are no longer able to do so themselves.

Many people have the misconception that estate planning is only for those with a large estate. However, it is equally important for parents of any economic means to prepare a plan as well. By creating a will, a parent can name a guardian for hir or her children in the event of death or incapacitation. If no guardian is named, children could end up in the foster care system even if there is a grandparent willing and able to take over custody.

Additionally, estate planning can help protect the children financially. Creating a trust can place all of a person's assets -- including life insurance and retirement accounts -- under the care of a person who can be trusted to make sound decisions in the best interest of the children. If no such planning occurs, the person who is named guardian also controls their assets, which could result in a person seeking the role of guardian for financial gain.

The estate planning process can give single parents the peace of mind that their children will receive proper care if they become unable to do so. The process is often complex. However, a professional with experience can help parents in Texas protect the future interests of their children.

Source: michronicleonline.com, "Why Single Moms Need A Solid Estate Plan", Aisha Taylor, April 25, 2016

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