Creating a Will for Parents and Business Owners in Houston

The dedicated estate planning team at Farias Law Firm commonly works with individuals who are both business owners and parents who want to ensure their loved ones and their legacy are fiercely protected. Parents and business owners looking to protect family interests should understand some basic aspects of creating a will in Houston so they can be sure their estate plan is robust enough and reflective of their wishes. 

If you’re ready to put a plan in place, contact us today at 713-226-7999 to get started with a will that fits your family’s needs and future.

Why Is Having a Will Important If I Have Minor Children and Own a Business?

If you have minor children and own a business, it is crucial to have a will so that you can outline specifically how you want your estate to be managed and divided. If you pass away and do not have a will in Texas, your estate will be considered intestate. This means that state laws will govern how your property should be divided, which could potentially be counter to your actual wishes. 

By having a will, you can:

• Ensure someone whom you deeply trust is appointed as the guardian of your children.
• Make sure the right person is managing your children’s inheritance.
• Have control over who should inherit your business, when they should inherit it, and how it should be managed.
• Keep disputes to a minimum among surviving business partners or family members.

Who Should I Name as Guardian for My Children?

When it comes to naming someone as a guardian for your children, you should pick someone whom you deeply trust to oversee the upbringing of your children. Ideally, this would be someone who has the same values as you and a similar parenting style. You can also specify the following in your will:

• A backup guardian, in case the initially appointed guardian does not have the capacity or will to take on the role.
• Specific details about how you would like your child to be raised.
• An individual who handles the financial inheritance that you leave for your children.

Can I Leave My Business to Someone in My Will?

Yes, it is possible to leave your business to someone in your Texas will. In a will, you can specify that you want the ownership of your business to be transferred to a particular person, as well as identify a successor who would run and manage the business. 

If you want the business to be sold, you can also provide instructions on how to do so, as well as how the proceeds should be distributed.

A skilled estate planning lawyer from Farias Law Firm can also help you understand how wills can work in tandem with other essential legal tools like a trust or buy-sell agreement.

What Happens to My Minor Children’s Inheritance?

According to Texas law, it’s not possible for children under the age of 18 to manage large amounts of money legally. Therefore, other legal tools must be leveraged to ensure that your children’s inheritance is managed properly and ultimately falls into the right hands. 

A dedicated attorney from our firm can help you understand whether the following options may be right for you:

• Establishing a trust to watch over inheritance management.
• Appointing a trustee who oversees the handling of funds.
• Specifying how these funds should be allocated, such as for health care education.

By using the right estate planning techniques, you can make sure that your legacy carries on and is protected for the well-being of your children.

What Estate Planning Documents Should I Have in Addition to a Will?

 Estate planning documents that you may want to have in addition to a will include:

• A trust.
• A healthcare directive.
• A durable power of attorney.

The right estate planning documents can ensure additional protections and smooth implementation according to your wishes.

How Often Should I Update My Will?

It is generally recommended to update your will regularly, and especially in the wake of any major life event changes, such as marriage, divorce, the birth of a child, and significant changes in your finances or business. A skilled attorney can help you regularly update your will to ensure that it is aligned with your desires and interests.

How Can Farias Law Firm Help Me?

Farias Law Firm can help you draft and review wills that are specific to your unique business and family needs. We can help walk you through the entire estate planning process relevant to your situation, such as coordinating business succession planning and choosing trustees and guardians wisely.

Call Today to Ensure Protection for Your Children and Business

If you have a business and minor children in Houston, a crucial step you can take to protect your loved ones and assets is creating or updating a will. 

Contact Farias Law Firm today at 713-226-7999 to schedule your consultation.