HOW DO I PROTECT MY CHILDREN?
If you have children, you realize that they are the most valuable asset, and one of the biggest responsibilities that God has given to you. During their growing up years they depend on you for their every need, be it physical, emotional, or spiritual. But what would happen to your children if you should no longer be here to care for them?
The State of Texas has provided for the appointment of a Guardian(s) to care for a minor child or incapacitated person. As the parent you would, of course, prefer to choose who the Guardian(s) would be. That can be done in your Will. Without a Will, or if there is no provision for Guardian stated, then the court will decide who is named as Guardian(s). Remember, the Guardian will decide where they live, go to school, what type of medical treatment they receive, etc. They will also decide what values and morals will be taught. As you can see, the appointment of a Guardian is a very important decision that shouldn’t be delayed.
If you were to pass away before your children were grown, a Trust would be set up for their care and education and a Trustee would be named to manage the funds in the Trust and distribute the money as needed. Again, you would want to make the decision as to who will handle these assets for your children rather than letting the court appoint someone. This can/should also be done in your Will. You can direct what assets will go into the Trust, who will manage those assets, when the Trust will end (at a certain age or milestone such as college graduation), and how the funds remaining in the trust when it ends are to be distributed.