For most parents in Texas, thinking about a day that they won’t be able to care for their children is not something they want to do. However, all parents, even young parents, face the reality that time and unforeseen events could happen. For this reason, many are making plans now to have someone care for their children and ensure that there’s enough money for their children’s necessities if the unthinkable were to happen.
Planning for child care
When parents create wills and trusts as part of their estate planning, they are able to choose a guardian for their children in advance. This gives them the peace of mind that comes from knowing that if something were to happen to one or both of them the children would be raised by someone close to the family. Planning allows parents to identify an individual who is physically able to care for their kids, someone who lives close to them and someone who can give their children a comfortable life.
Life insurance
In addition to creating wills and trusts, parents may want to consider life insurance, which can ensure that children have the financial security to live out their dreams even though their parents are no longer alive to support them physically. Life insurance can provide funding to cover outstanding debt, pay for college and help children maintain a high standard of living even though their parents are deceased. Financial professionals can help parents understand the ins and outs of life insurance and find insurance that’s right for them.
Undoubtedly, there are millions of things that parents would rather do than address questions pertaining to estate planning. However, the alternative is the court making decisions, so many young parents have decided to prioritize estate planning to ensure their children have a more stable future.
