{"id":1844,"date":"2024-08-12T16:14:20","date_gmt":"2024-08-12T21:14:20","guid":{"rendered":"https:\/\/adamrichardlaw.com\/?p=1844"},"modified":"2024-08-12T16:14:23","modified_gmt":"2024-08-12T21:14:23","slug":"why-back-to-school-season-is-the-perfect-time-to-review-your-estate-plan","status":"publish","type":"post","link":"https:\/\/adamrichardlaw.com\/why-back-to-school-season-is-the-perfect-time-to-review-your-estate-plan\/","title":{"rendered":"Why Back-to-School Season is the Perfect Time to Review Your Estate Plan"},"content":{"rendered":"\n<p class=\"\">Summer is winding down and the back-to-school season is kicking into full gear.  During this time, parents are often preoccupied with shopping for school supplies, arranging transportation to and from school and after school activities, and preparing the kids for the upcoming year.  This transitional time offers more than just a return to the routine; it also presents a unique opportunity to revisit and update your estate plan.  For Texas parents with minor children, ensuring that your estate plan is current is crucial for protecting your family’s future and securing peace of mind.<\/p>\n\n\n\n<p class=\"\">In this post, we’re going to explore why the back-to-school season is an ideal time to review your estate plan, what specific elements to focus on, and how to ensure your plan aligns with Texas laws.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">The Importance of Estate Planning for Parents<\/h2>\n\n\n\n<p class=\"\">When people think of estate planning they often think of wills and inheritances, but for parents, it encompasses much more.  It’s about safeguarding your children’s future, ensuring that they are cared for by the right people, and protecting your assets from unnecessary legal entanglements.<\/p>\n\n\n\n<p class=\"\">As a parent, your estate plan should include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\"><strong>Wills:<\/strong> Outlines how assets will be distributed and can contain long term guardians for your children if you pass away.<\/li>\n\n\n\n<li class=\"\"><strong>Trusts:<\/strong> Used to manage your children’s inheritance until they reach an appropriate age.<\/li>\n\n\n\n<li class=\"\"><strong>Powers of Attorney:<\/strong> Designed to appoint someone to make financial and healthcare decisions on you and your children’s behalf if you are unable to (incapacitated).<\/li>\n\n\n\n<li class=\"\"><strong>Beneficiary Designations:<\/strong> To ensure your life insurance policies, retirement accounts, and other financial assets are directed to the right individuals or instrument.<\/li>\n\n\n\n<li class=\"\"><strong>Guardianship Elections:<\/strong> To designate guardians for your minor children either short term or long term if you are unable to do so due to incapacitation.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Why Back-to-School Season is the Ideal Time for Review<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Life Changes and Milestones<\/h3>\n\n\n\n<p class=\"\">The start of the school year often marks significant milestones in your children’s lives, such as moving from elementary to middle school or starting high school.  These milestones can signal the need to reassess your estate plan, particularly if your family’s financial situation, living arrangements, or health status has changed.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Routine and Structure<\/h3>\n\n\n\n<p class=\"\">As your family settles into the routine of the school year, you may find it easier to focus on important tasks like reviewing your estate plan to make sure that it aligns with your current wishes and desires.  The structured environment can provide a sense of stability that is perfect to tackle any long-term planning.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Financial Planning<\/h3>\n\n\n\n<p class=\"\">The back-to-school season often prompts parents to think about their financial situation, including budgeting for school expenses.  This financial mindset can naturally extend to estate planning, as both are essential aspects of managing your family’s future.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Legal and Tax Considerations<\/h3>\n\n\n\n<p class=\"\">Reviewing your estate plan during the back-to-school season allows you to consider any changes in tax laws or legal requirements that may affect your plan.  This is especially important here in Texas, where state-specific laws can impact estate planning decisions.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Key Elements to Review in Your Estate Plan<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Guardianship Designations<\/h3>\n\n\n\n<p class=\"\">One of the most critical components of an estate plan for parents who have minor or special needs children is the designation of guardians.  If something were to happen to you and your spouse (or the child’s other parent), you want to ensure that your children are physically and financially cared for by someone you trust.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\"><strong>Choosing the Right Guardian:<\/strong> Review your guardianship choices to make sure they are still the best option.  Far too often have I seen plans where the elected guardian is either passed away, moved far away, or have an estranged relationship with the parent.  When choosing the right guardian, consider factors such as potential guardian’s relationship with children, do their values align with yours, are they financially stable, and their willingness and understanding of the role.<\/li>\n\n\n\n<li class=\"\"><strong>Discussing with Potential Guardians:<\/strong> It’s also extremely important to have a conversation with the individuals you’ve chosen as guardians to confirm they’re willing to take on the role and that they understand their responsibilities in the role.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Updating Beneficiary Designations<\/h3>\n\n\n\n<p class=\"\">Beneficiary designations on life insurance policies, retirement accounts, and other financial assets often override what is stated in your will or revocable living trust.  Therefore, it’s crucial to ensure these designations align with your overall estate plan.<\/p>\n\n\n\n<p class=\"\">Examples of need for beneficiary review include: naming a revocable living trust as a beneficiary if your plan design calls for it, if you’ve had another child but only have the older children listed, divorce, death of a beneficiary, etc.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Trusts for Minor Children<\/h3>\n\n\n\n<p class=\"\">If your estate plan includes a trust for your minor children, now is a good time to review the terms and conditions.  Because minor children legally cannot inherit property, trusts are used to manage your children’s inheritance, ensuring the funds are used responsibly until they reach an age you deem appropriate.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\"><strong>Reevaluating Trustees:<\/strong>  Review the individuals you’ve chosen as trustees to manage the trust.  Consider whether they are still the best choice to handle the financial responsibilities on behalf of your children.<\/li>\n\n\n\n<li class=\"\"><strong>Adjusting Terms:<\/strong>  You may want to adjust the terms of the trust as you get to learn more about your children’s personalities, such as the age at which (if any) your child will gain full access to their inheritance or the specific uses for the trust funds, such as education expenses.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Healthcare Power of Attorney and Durable Power of Attorney<\/h3>\n\n\n\n<p class=\"\">A durable power of attorney allows you to designate someone to make financial decisions on your behalf if you are unable to do so.  Similarly, a healthcare power of attorney designates someone to make medical decisions for you if you are unable to do so.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\"><strong>Reviewing Your Appointments:<\/strong>  Ensure that the individuals you’ve chosen for these roles are still appropriate, considering any changes in your relationships or their ability to perform these duties.<\/li>\n\n\n\n<li class=\"\"><strong>Emergency Preparedness: <\/strong>Given that life is so unpredictable, especially with children returning to school, having these documents updated and accessible is a crucial step in emergency preparedness.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">The Benefits of Professional Guidance<\/h2>\n\n\n\n<p class=\"\">While it’s possible to review and update your estate plan on your own, working with an experienced estate planning attorney provides several benefits.  An attorney can help you navigate the complexities of Texas estate, family, tax, and property laws, ensuring that your plan is legally sound and aligned with your goals.  Because every family’s situation is unique, an attorney can provide personalized advice based on your specific circumstances, helping you make the best decisions for your family.  Knowing that your estate plan is up-to-date and legally compliant can give you peace of mind, allowing you to focus on your family and their needs during the busy school year.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Conclusion<\/h2>\n\n\n\n<p class=\"\">The back-to-school season is more than just a time to prepare children for the academic year; it’s an opportunity to ensure that your estate plan is current and effective for them.  By taking the time to review and update your plan, you can protect your children’s future, ensure your wishes are honored, and secure peace of mind for your family.<\/p>\n\n\n\n<p class=\"\">If you haven’t reviewed your estate plan recently, now is the perfect time to do so.  And if you’re unsure where to start or need assistance, consulting with an experienced estate planning attorney can make the process smoother and more effective.<\/p>\n\n\n\n<p class=\"\">Remember, estate planning is not just about what happens after you’re gone.  It’s about ensuring that your family is cared for, no matter what life throws your way.  So, as you check off your back-to-school to do list, make sure that reviewing your estate plan is a priority.  Your family’s peace of mind and future depends on it.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Summer is winding down and the back-to-school season is kicking into full gear. During this time, parents are often preoccupied with shopping for school supplies, arranging transportation to and from school and after school activities, and preparing the kids for the upcoming year. This transitional time offers more than just a return to the routine; [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1850,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_seopress_titles_title":"Why Back-To-School Season is the Perfect Time to Review Your Estate Plan","_seopress_titles_desc":"If there's ever a perfect time to review and update your estate plan it's the back-to-school season.  You'll want to make sure that your children are properly protected the way you see fit.","_seopress_robots_index":"","nf_dc_page":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[25],"tags":[200,53,59,70,69,202,64,201,192],"class_list":["post-1844","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-estate-planning","tag-back-to-school","tag-estate-planning","tag-generational-wealth","tag-guardian","tag-guardianship","tag-legacy-planning","tag-revocable-living-trust","tag-texas-estate-plan","tag-will","post-wrapper","thrv_wrapper"],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/i0.wp.com\/adamrichardlaw.com\/wp-content\/uploads\/2024\/08\/pexels-pavel-danilyuk-8763024-scaled.jpg?fit=2560%2C1709&ssl=1","_links":{"self":[{"href":"https:\/\/adamrichardlaw.com\/wp-json\/wp\/v2\/posts\/1844","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/adamrichardlaw.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/adamrichardlaw.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/adamrichardlaw.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/adamrichardlaw.com\/wp-json\/wp\/v2\/comments?post=1844"}],"version-history":[{"count":3,"href":"https:\/\/adamrichardlaw.com\/wp-json\/wp\/v2\/posts\/1844\/revisions"}],"predecessor-version":[{"id":1849,"href":"https:\/\/adamrichardlaw.com\/wp-json\/wp\/v2\/posts\/1844\/revisions\/1849"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/adamrichardlaw.com\/wp-json\/wp\/v2\/media\/1850"}],"wp:attachment":[{"href":"https:\/\/adamrichardlaw.com\/wp-json\/wp\/v2\/media?parent=1844"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/adamrichardlaw.com\/wp-json\/wp\/v2\/categories?post=1844"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/adamrichardlaw.com\/wp-json\/wp\/v2\/tags?post=1844"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}