Estate Planning for Single Parent – What You Ought to Know?

Do you think estate planning is only for the wealthy to plan about looking after their assets after their demise? Then you are wrong! Obviously, estate planning ensures a smooth transfer of assets between generations for a wealthy individual. But every person leaves behind something when they die. So, an estate plan is essential for everyone, whether he or she is rich or otherwise. It ensures assets are passed on to the right person at the right time.

A single parent’s life is very busy! From going to work to spending time with their kids to get their homework done, there is no time to sleep and think. In this hectic schedule, where is the time to rest and think? Among all the life situations, estate planning may not have crossed your mind. But, one thing that single parents fail to realise is that a well-drafted estate plan will minimise the stress and struggle at a difficult time. So, hiring estate planning lawyers in Perth is crucial to protect yourself, your children, and your assets. Here are a few estate planning documents required for the single parent.

Financial Power of Attorney

A financial power of attorney gives authority to an agent to manage your economic activities when you cannot handle them anymore. According to trust lawyers in Perth, this is a crucial document covering everything from paying bills, supervising financial activities, collecting money, and more. This document is helpful when you can’t control your account if you are unavailable or incapacitated to manage your account. Here, you can authorise a trustable person to manage your accounts and handle money matters on your behalf.

Health Care Power of Attorney

A health care power of attorney comes to your rescue when you are incapacitated or in need of emergency medical care. In this document, you can mention your wishes for medical treatment in catastrophic situations to lift the burden from the shoulders of your loved ones. You can appoint someone you trust to make important healthcare decisions when you are incapacitated.

Will

A will is a crucial document for a single parent, and it decides how your assets are distributed after your demise. It can also be used to nominate someone to be the guardian of your children in your absence. According to a leading migration lawyer in Perth, if you have moved to Australia and divorced, the co-parent who shares the custody of your children will likely be the guardian. But, if you do not trust the co-parent, you can state the reason in the will and then set up an appropriate guardian.

Living Trust

A living trust is another essential document for a single parent, and you can change it anytime in your life. It helps in managing assets and ensuring your family gets what you want them to have.

The author of this article is a leading migration lawyer in Perth and has over a decade of experience in practising law. In this article, he explains the importance of estate planning for a single parent. Visit https://www.munrodoig.com.au/ for more.

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