Must Have Estate Planning Tip for Single Parents
Single parenthood is difficult, even if you share parenting time with someone else. Your children’s lives will now be mainly in your control as a single parent. If you died today, what would the future be and happen to your children? Who would care for them? Who would pay for their food and housing? Who would pay for their education and housing? Retaining an Estate planning attorney near me to guide you is the best way to accomplish this.
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Single parents are likely to have a hectic life right now. It is likely that you are being pulled between school, work, home, and all the other emergencies that can arise in the lives of single parents.
Revocable Trust
A living trust is an excellent option for single parents. A trust set up properly by a qualified estate planning attorney in Alabama allows you to retain control of your Athens property and money while you are able. However, if you become incapacitated or die, the trust transfers that decision-making power immediately to the trustee you have chosen. This is obviously someone you can trust to do what you want.
A trust can save you the time and expense of probate. You risk losing your hard-earned cash on probate costs if you don’t have trust. This can be a problem if your children require you to pay their expenses and continue living in your home.
Will
Without a will, the state will determine their fate. You risk exposing your children to danger if you ignore this part of your estate plan. You can name your executors and beneficiaries, as well as the person responsible for your estate. This is the legal instrument you use to name guardians for your children.
Beneficiary forms
Only those you have designated to receive these assets will be able to do so if you fill out the appropriate beneficiary forms. They can’t pass to your heirs through a trust or will.
Beneficiary designations are required for your life insurance policy, retirement accounts, or brokerage accounts. Minor children shouldn’t be named beneficiaries, as they aren’t legally allowed to own assets. CALL Today for your Athens estate Lawyer and find out how to leave these assets to your kids without the need for court intervention.
A durable power of attorney
It is crucial to have a lawyer set up a durable power of attorney in place. A power of attorney should be a person you can trust to manage your financial affairs and make legal decisions for you if necessary. You are most likely the sole signatory to your mortgage, bank accounts, or other financial instruments if you are a single parent. What would you do if your spouse died or became incapacitated? Who would pay the bills or mortgage?
Advance Medical Directive
A medical advance directive grants you the legal power to the person you select to make your health-care decisions if you are unable to do so. This is particularly important if there are no immediate family members, or you have not been married.
Kids Estate Planning for asset protection
Proper estate planning in Alabama will keep your family safe from conflict, the courts, and the public eye. Contact us if you are ready to make a comprehensive estate plan. We will review your existing plan and help you update it to prevent heartache for your loved ones. Book online now!
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