While estate planning is typically the same for most people, there are some special considerations that single parents should think about when looking into making sure that their loved ones are cared for. When planning for the future, here are a few things to think about as a single parent.
As with any other person, the most pressing consideration for a single parent’s estate planning is whether or not your estate plan is up-to-date. While it’s a concern for anyone, however, being a single parent can be different in terms of what you plan for on your death. In the case where you’ve recently changed from a two-parent household to a single parent household, it might be a good idea to go back over your estate plan and make sure that nothing significant has changed.
Another thing for a single parent to consider when planning their estate is your children’s financial future. While a two-parent family wouldn’t necessarily need to worry about something like this, making sure that your estate planning documents spell out these terms is very important for a single parent. It’s frequently recommended that a single parent set up a trust that can make sure any children are cared for until they reach an age where they’re mature enough to handle financial decisions on their own. The trust can be run by a trustee who can make decisions on the child’s behalf and make sure that the money left in the estate can last.
Speaking of making sure that your children are cared for, another consideration for single parents in estate planning is the question of who will care for them if they are minors at the time of your death, do not hesitate to contact with your estate planning lawyer Tampa any time. While state and local laws might differ depending on your location, chances are good that you’ll want to appoint a legal guardian to be the caretaker for your children, should you pass away. Of course you’ll want to talk to this person before you name them in your estate planning, but having it down in writing when you pass away will make sure that there are no problems.
While no one wants to think about this worst-case scenario, having a plan in place if it should happen is just solid planning. Be sure that your loved ones are taken care of, since you won’t be there to clarify your wishes.