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Estate Planning for Single Parents
Being a single parent is a huge responsibility, and one of the most significant stressors that often arises is the “what ifs” of the future. What would happen to your children if something were to happen to you? This is where estate planning becomes essential for single parents. The legal documents help protect your family and ensure their care and financial security.
Having an estate plan covers the care of your children in the event you should be in a severe accident, become sick, or pass away. A skilled estate planning attorney can provide guidance to ensure that your children will have the funds they need as they grow.
Estate Planning Essentials
Here are five legal documents you should consider as a single parent:
- Nominating a Guardian: Designating a trusted guardian is a crucial decision for your minor children. Your designated guardian will step in on your behalf if anything happens to you. It is essential to leave your wishes and intentions clear in legal documents to prevent the court from making this critical decision for you.
- Writing a Will: A will allows you to name a guardian for your minor children. It also allows you to name an executor to handle your estate and outlines how you want your assets managed and distributed.
- Living Trust: This legal arrangement allows you to manage your assets fully during your lifetime. Once you pass, or in the case of incapacitation, your trustee, someone you’ve designated in advance, oversees the management of your trust according to your specific wishes. It ensures that your children’s inheritance is managed wisely rather than handed over in one large lump at a young age.
- Durable Power of Attorney: As a single parent, you are likely the only signatory on your mortgage, bank accounts, and other financial documents. A durable power of attorney allows you to assign someone to manage your finances and legal documents if you are unable to make decisions on your own. Without a durable power of attorney, someone would have to petition the Probate court to become your conservator. It would lead to an expensive and time-consuming legal process.
- Health Care Proxy: Similar to a power of attorney, this allows you to designate someone to make medical decisions on your behalf if you cannot do so yourself. Having a health care proxy in place provides peace of mind, ensuring your wishes and health care choices are respected even when you can’t communicate them yourself.
Contact Conti Law
We know that you want to do the very best for your children. A well-prepared estate plan can leave you with peace of mind, knowing your children will be cared for and their future protected. Contact us now to help you start taking steps to protect them and secure their futures.