Important Estate Planning Considerations For Single Parents
Life for single parents is extremely busy. You have to go to work, take care of your children, attend school activities, and maintain your home all on your own. All of these are huge responsibilities, even for those who co-parent with another person, and especially for those who do not. Creating an estate plan may not be your top priority at the moment, but it is one of the most important things you should do. Below, our St. Petersburg estate planning lawyer outlines the important documents you may need, and the purpose they fulfill.
A Last Will and Testament
Your Last Will and Testament allows you to control how your assets pass upon your death by naming specific beneficiaries. and to name a personal representative who will administer your estate after you pass away. Perhaps most importantly for single parents, your Last Will and Testament will also give you the opportunity to name a guardian for your children. This guardian will raise and care for your children in the event that you pass away. If you do not name a guardian for your children, the court will appoint someone, who may not be the person you would have chosen.
A Revocable Trust
Revocable trusts are very important estate planning documents. You can fund a trust with property to avoid those assets going the probate process. You control the trust during your lifetime and name a successor trustee who will take over those duties after you pass away. You can leave property to your children in a trust and even outline when you want them to receive it. So, if your child is currently six years old and you do not want them to receive the property until they turn 18, 21, or another age, you can specify this in the trust.
Durable Power of Attorney
As a single parent, it is likely that you are the sole signatory on your bank accounts, mortgage, and other financial tools. If you become incapacitated and do not have a durable power of attorney, there may not be anyone to pay your mortgage and other bills. A durable power of attorney allows you to designate someone you trust to take care of these matters in the event that you cannot do it yourself.
Beneficiary Designations
If you have retirement accounts, a life insurance policy, or brokerage accounts, you can likely name a beneficiary for them. Minor children are not legally allowed to own property and so, you should not name them as your beneficiary. It is important to speak to an attorney who can inform you of better alternatives, such as placing the policy into a trust with a provision that your children will receive it when they are no longer a minor.
Our Estate Planning Lawyer in St. Petersburg Can Help Protect Your Family
If you are a single parent and wish to create an estate plan, you need sound legal advice. At Legacy Protection Lawyers, LLP, our St. Petersburg estate planning lawyer can provide it and make sure your family is protected. Call us now at 727-471-5868 or contact us online to request a consultation and to get the legal help you need.
Source:
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0732/0732.html
