In high school we begin to learn all about college. We prepare for standardized tests, write personal statements, and fill out applications. But there is one thing we typically aren’t prepared for- the consequences of reaching legal age and failing to take proper legal precaution.
For many people, the basics of estate planning are simple enough, but for those families with loved ones who are disabled or have special needs, the estate planning process is more involved – and much more critical.
Statistics have shown that at least five percent of minor children have some sort of disability, and the burden of caring for these children make estate planning essential. In addition to specialized health care, these children usually need special schooling and intensive therapy, all of which comes at a cost.
Probate is the legal process through which a deceased person’s assets are distributed to the heirs or beneficiaries, pursuant to the wishes of the deceased person as stated in his or her estate plan – or if there is none, according to Texas Law.
Yes, that sounds like a handful. So let’s break it down. Texas Probate is a court-supervised process for identifying and gathering the assets of a person who has died (the “decedent”), paying their debts, and distributing their assets to his or her beneficiaries.
If you have minor children and have not yet selected guardians, you are not unlike many parents who put off this critically important task. Perhaps you are waiting for the perfect Guardians to present themselves, or you and your spouse/partner cannot agree on who would be an ideal candidate, or perhaps you feel there is no one you trust enough. In this case, you must remember that done is better than perfect.
If you do nothing, the decision about who would raise your children (if something were to happen to you) is left up to a judge to decide. A judge who doesn’t know you or your children, and doesn’t know what’s important to your family, will essentially make the decisions about who will care for your most precious loved ones.
Most parents have some idea of who they’d want to take care of their children if something happened to them. But many parents have not considered the necessary details nor had a conversation with their lawyer about what it means to legally nominate guardians.
Putting the right protections in place to ensure that your friends and family know what to do in case of an emergency goes beyond just choosing a guardian. Does your family know whom to call or to whom you’ve given legal authority to care for your children if something happened to you?
Meaning, have you executed a document, signed by witnesses, declaring who should serve as guardians?