If you are a single parent, there are some specific considerations you should take when it comes to the estate planning process. Read on to learn more.
Estate Planning for Single Parents
Establish a guardian
One of the first things you should do is establish a guardian for your child. This will depend largely on your custody situation. For example, if your child’s other parent survives you, he or she may have legal rights to raise and care for your child. If you do not appoint a guardian, and your child’s other parent is not alive or is not fit to be a guardian, the court will approve a guardian on your behalf. The court-appointed guardian may not be the person you want to raise your child. As a result, it is important to establish a guardian for your child with the help of an estate planning attorney.
Create a trust
It is important to note that minors cannot inherit property directly. If you have not set up an appropriate estate plan, your assets could be tied up in probate. To avoid this, it is important to set up a trust. By creating a trust for your children, you can ensure that your assets will not be tied up in probate, but would be immediately available to support your children. When it comes to a trust, you will have to choose a trustee. This is the person who manages the assets until your children are of a certain age. By creating this trust, you have the power to appoint a trustee of your choosing.
Create a power of attorney
No one wants to plan for incapacitation, but it is an important step to take anyway. You can do this by creating a power of attorney. A power of attorney allows you to appoint a trusted individual to make legal, medical, and financial decisions on your behalf, in the event that you are no longer able to. If you were to become physically or mentally incapacitated, a power of attorney would allow you to choose someone to help care for your child.
If you have any questions or concerns about estate planning for single parents, contact our firm today. We are here to walk you through the process, every step of the way.
Contact our Firm
Working with an experienced estate planning attorney, such as Jaci Feldman of the Woodland Hills, California, Law Offices of Yacoba Ann Feldman, will ensure that you are taken care of when you need it most. Do not delay. Estate planning is a more urgent matter than you may think. You never know what the future holds. Contact The Law Offices of Yacoba Ann Feldman to schedule a consultation today.