What Estate Planning Documents Do Single Parents Need?
Your life as a single parent is a very busy one. You have to go to work to support your child, help them with their homework, and play an active role in their extracurricular activities. These are just a few of the responsibilities you face every day. Even when co-parenting with someone else, life can feel very hectic and chaotic. At this time, estate planning may not seem like a priority, but it is perhaps more important for single parents than for others. Below, our Daytona Beach estate planning lawyer explains the most important documents to draft.
A Will
Your last will and testament will likely be the foundation of your estate plan and it has many important functions. Within your will, you appoint someone to manage your estate and distribute the property in it to your designated beneficiaries in the event that you pass away. For single parents, though, the most important aspect of a will is to name a guardian for your children. The guardian will then care for and raise your children. If you do not draft a will and name a guardian, the state will determine who will raise your children and this may not align with your wishes.
Revocable Living Trust
As a single parent, a revocable living trust may hold many benefits for you. During your lifetime, you can place property into the trust and maintain ownership and control over it. If you pass away or become incapacitated, the individual you designated as the trustee will take over these duties. Within the trust you can include provisions regarding when your child can receive their inheritance and the trustee will manage it until then. Lastly, a trust can also help your family avoid the expensive and costly probate process.
Durable Power of Attorney
Single parents are often the only signatories on mortgages, bank accounts, and other financial tools. If you are ever unable to make decisions for yourself, you may not be able to make sure your children are cared for, or that your regular bills are paid. By drafting a durable power of attorney, you can designate someone to manage these matters for you.
Beneficiary Designations
Life insurance policies, retirement accounts, and other financial accounts all have named beneficiaries on them. Children cannot be named as beneficiaries, as they do not have the legal capacity to own and manage property. However, you can appoint a guardian to manage the property until your children are the age of majority and they can then receive the benefits from these accounts at that time.
Our Estate Planning Lawyer in Daytona Beach Can Draft These Documents
You have many responsibilities as a single parent, and drafting a comprehensive estate plan is one of them. At Bundza & Rodriguez, our Daytona Beach estate planning lawyer can help you do it and make sure the most important documents are included so you and your entire family are protected. Call us today at 386-252-5170 or chat with us online to schedule a free 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
