Estate planning when you are a single parent will ensure that your children are taken care of and provided for after your passing. Continue reading to discover the top tips for estate planning as a single parent. To gain assistance with the estate planning process, do not hesitate to reach out to our firm to discuss how our services can benefit you. Give our firm a call today to get in contact with our experienced estate planning attorney who can walk you through each step of the way.
Name a Guardian
To begin the estate planning process, the first step you will want to take is to name a guardian for your children. This will ensure you appoint a guardian for your children that you trust to raise your children in the event of your passing. If your child’s other parent survives you, they may have legal rights to raise your child. If you do not appoint a guardian, the court will. This may result in someone being appointed that you would not nominate.
Set your Children Up Financially
Putting a plan in place to ensure your children are set of financially after your passing is important. When you do not have an appropriate estate plan, it is possible for your assets to become tied up in probate. The court may even appoint a guardian to oversee these assets. This process is expensive and time-consuming. The best way to provide a financial plan for your children after your passing is to set up a trust for the benefit of your children that would be immediately available to support your children. Setting up a trust will also allow you to choose a person you know and trust to manage the assets for your children, rather than the court appointing a guardian that you might not typically choose.
Name Beneficiaries for Your Life Insurance and Retirement Accounts
It is common for single parents to name their trust as the beneficiary of their life insurance and retirement accounts to benefit their children and also work with the cohesiveness of the overall estate plan. This will ensure your children will have immediate access to your insurance and retirement account funds and you will handpick the person who manages those funds for the benefit of your children.
Create a Power of Attorney for Property
The last step you should take when preparing your estate plan is to create a durable power of attorney for your property. A power of attorney can avoid disruption to your children’s lives should you become disabled or incapacitated. When you choose an agent, they will manage your affairs and keep everything in order, given the circumstance that you are suddenly unable to do so yourself. They will ensure that your children’s lives can continue as normally as possible by ensuring that bills are paid and that they will have access to funds to purchase necessities.
Contact our experienced Montgomery County, Maryland firm
The attorneys at JD Katz have years of experience compassionately guiding clients in Maryland through the estate planning and administration process. Our firm also has experience with matters of elder law, business law, tax law, and litigation. For a legal team that will put your needs first, contact JD Katz today.