Thinking about estate planning can feel like a burden. You never want to imagine unexpectedly passing away and what would happen to your assets or, more importantly, your children. What do you need to do to start the estate planning process? And what makes the planning different as a single parent?
Estate Planning for Single Parents
Estate planning consists of more than drawing up a will. Many questions come under the microscope when you think about issues that could arise after you die. For example, what if you are uncomfortable with the surviving parent being your child’s only caretaker if you pass away? Find out your rights and if you can help the situation by including instructions in your estate plan.
Here are some places to start.
- Create a Trust: A trust is more than a will. You can set up a document and appoint a trustee to follow the instructions on the trust. For example, if you want to distribute the money to your children when they reach a certain age, you can specify that in the trust. Also, if you die, the trust will not enter probate and be up for debate. Instead, the instructions and trustee will continue as normal, your death having no effect on the trust.
- Specify a Guardian: Some single parents are pleased with the surviving parent becoming the sole caretaker of the children after they die. If that isn’t the case, you need to detail your wishes in the estate plan.
- Ask Others to Be Ready to Advocate for Your Child: Speak with your parents, siblings, and friends about what you want to happen with your children after your death. Make sure they are ready to fight for a balanced life that would also include a piece of your side of the family.
It doesn’t matter where you start, but getting your estate plans in order is essential as a single parent. You will not have to worry about your children when you know you’ve put in your due diligence with estate planning.
Call a Trusted Legal Team
Are you ready to start estate planning as a single parent? Take care of your loved ones by having a say in what happens to your family after you die. Shoup Legal is here to guide you through the process. Contact our team by calling (951) 445-4114 or email us at [email protected] to start planning today for peace of mind tomorrow.