Necessary Estate Planning Documents For Single Parents
As a single parent, your life is very busy. You have work, your child’s extracurricular activities and school, and more. Even if you are co-parenting with another adult, life is still very hectic, and if you are not, it may feel chaotic at times. In the shuffle of life, it can become easy to forget about estate planning and what will happen to your family if tragedy strikes. Below, our St. Petersburg estate planning lawyer outlines the most important documents you need as a single parent.
Last Will and Testament
Your last will and testament allows you to appoint another individual to be responsible for your estate and to distribute your assets in the event that you pass away. As a single parent, perhaps the most important part of your last will and testament allows you to name a guardian for your children. If you do not have a will and have not drafted other guardianship documents, the state will determine what will happen to your children. Without a will, strangers could even end up raising your children.
Revocable Living Trust
A revocable living trust has many benefits for single parents. First, you are still in complete control over your money and assets while you are still alive and able to manage them. If you become incapacitated or pass away, the person you have designated as trustee will have the authority to make decisions on your behalf. You can include provisions within the trust that state when children can receive their inheritance, and your trustee will manage it until that time. Lastly, a trust can also help your loved ones avoid the expensive and costly probate process.
Durable Power of Attorney
Single parents are usually the only signatories on bank accounts, mortgages, and other financial tools. If you become incapacitated, other people may not have the power to make sure your bills are paid and that your children are cared for. This is why it is so critical to draft a durable power of attorney and name someone you trust to manage these matters for you.
Your retirement accounts, life insurance policy, and brokerage accounts all require you to designate beneficiaries. You cannot name minor children as beneficiaries, as they do not have the legal capacity to own assets. The assets within these accounts also cannot pass to your children through a will or trust. The only way to do it is to execute the appropriate beneficiary forms properly.
Our Estate Planning Lawyer in St. Petersburg Can Draft the Documents You Need
As a single parent, you have many responsibilities. One of the most important is that you have a comprehensive estate plan that can protect you and your family in the future. At Legacy Protection Lawyers, LLP, our St. Petersburg estate planning attorneys can advise on the documents you need and draft them for you so they are enforceable and not open to challenges. Call us now at 727-471-5868 or contact us online to book a consultation with one of our experienced attorneys.