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The importance of estate planning for new parents in Texas

New parents have many things on their minds. For most in Texas, their goals are often focused on meeting the needs of their new child. To many, these tasks include warming bottles and changing diapers. However, ensuring that the proper estate planning documents are in place is also an important part of ensuring that the needs of children are met.

An estate plan is made up of several different documents. These documents describe a person's wishes in regard to asset division and health care decisions in the event a person becomes incapacitated or passes away. Perhaps most importantly for parents, an estate plan names a guardian for dependent children as well as a person to manage an estate in order to provide for said children.

Careful consideration goes into naming a guardian. In some cases, parents may choose the same person to take care of the children and serve as the guardian of the estate and manage certain financial affairs. Beyond naming a guardian, the estate planning process prompts parents to consider other issues regarding their children, including ensuring that other family members have the option to visit and feel comfortable doing so.

When the safety and security of children are at stake, many in Texas seek the help of an attorney with experience concerning the estate planning process. Such a professional can help ensure that all aspects of a child's care have been considered and provided for. Having a plan in place often provides peace of mind for parents, knowing that their children will receive proper care should they become unable to do so provide such care themselves.

Source: nerdwallet.com, "Congrats on Your New Baby! Now It's Time for an Estate Plan", Brian McCann, Dec. 22, 2016

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