Being a parent is a lot of responsibility, but it becomes even complicated if you are a single parent. According to the U.S. Census Bureau, 27% of kids live with single parents. While estate planning for single parents is similar to estate planning for families, there are certain aspects that demand special attention to make some important decisions as a single parent. Here our estate planning attorney in Carlsbad CA lists the documents required for an estate plan and how they can help you as a single parent.
Did you know every person over the age of 18 must have a valid will? A will provides you a chance to name a guardian for your children, who is responsible for your estate, and whom you want to give your estate to when you die. Your estate will be distributed according to the state’s plan if you don’t have a valid will.
Having a properly drafted living trust allows you to be in charge of your assets while you are alive and able. It enables the person you name to make distributions to beneficiaries when you die or become incapacitated. The name you choose must be technically able to distribute the inheritance wisely. A living trust also avoids the expensive and time-consuming probate process and saves more money.
Power of Attorney
The Carlsbad estate planning attorney will recommend you to have a durable power of attorney for financial affairs if you are the only one to have access to bank accounts and name on your bills. A power of attorney provides access to a trusted individual to manage your financial affairs and legal decisions during your life if you are not able.
The Nomination of a Guardian
You can nominate a guardian for your children in your will or a separate nomination of a guardian document. While deciding a guardian for your children, you must remember that the person does not have to be the one who you have chosen to manage the child’s inheritance. Having these roles filled by different people is a wise choice, and it is often recommended by the leading professionals from an estate planning law firm in Carlsbad CA.
If you have a significant amount of wealth in insurance policies, beneficiary designations on those assets will control who they are distributed to, not your will or trust. So, while filling out these beneficiary forms, make sure not to mention the name of minors on the beneficiary designations as they could not manage the asset until they turn 18. Talk to your estate planning attorney to discuss the strategies that allow your children to benefit from your insurance policies without the intervention of the court.
The author of this article is a leading estate planning attorney in Carlsbad CA, with over a decade of experience in practicing law. In this article, he explains the different types of documents that a single parent must need for estate planning. Visit https://www.rassmanlaw.com for more information.
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