The Christmas season has a way of sharpening our focus on the people who matter most. As a parent of four children, I feel this especially during the holidays. Amid the lights, gifts, and traditions, I’m reminded that the greatest gift we can give our families is long-term security and peace of mind. Estate planning is more than just drafting a will; it is creating a comprehensive strategy to protect your children emotionally and financially when something unexpected happens. We do this by reviewing guardian appointments, financial assets including life insurance and your Wills or Trusts and developing a plan that provides our families with security and resources.
One of the key decisions we parents face is choosing a guardian. Just as we thoughtfully plan our family traditions this time of year, parents should also be intentional when naming a guardian for minor children. Without it, a court will have complete discretion on who will care for your children. As I watch my own four kids get excited for Santa and hang ornaments on our tree, I’m reminded how differently each child experiences the world. Choosing a guardian who understands and supports their unique needs of our kids is one of the most meaningful decisions we can make. This often requires us to look outside the box – at friends or more distant relatives. It is not a given that our immediate family members are our only choice.
A second essential step the financial piece. We recommend creating trusts for your children. A testamentary trust allows parents to provide long-term financial stability. Trusts can fund education, healthcare, and basic support while placing a responsible trustee in charge of managing assets. A trust also allows a parent to control when and how children receive their inheritance. Without a trust, children can receive their inheritance outright at 18, which may not align with their maturity or well-being and could be disastrous. Ask us for some real life horror stories!
You may also want to separate guardianship (where the kids will live) from financial management. Many parents choose one person to care for their children and another to oversee their finances. Selecting a financially responsible, organized trustee ensures your children’s inheritance is protected and used wisely until they reach an appropriate age.
The Christmas season naturally invites reflection. It’s an ideal moment to create or review your estate plan that continues to reflect your family’s needs and values. Thoughtful estate planning is a lasting gift, one that brings peace of mind well beyond the holiday season. It strengthens the foundation your children can depend on, no matter what the future holds. We are all parents and we can help! Call Thrash, Carroll & Sanchez Law Group at 512-263-5400 or email to info@tcslawgroup.com for a complimentary appointment to make sure your planning does what you need it to in order to provide a legacy of security for your children.
William Harlow is an estate planning attorney with Thrash, Carroll & Sanchez Law Group. He is also the father of 4 children under the age of 5, the youngest just 5 months old!