As a single parent, do I need an estate plan?
As a single parent, your primary focus is the well-being of your child. Single parents face a unique set of responsibilities. You are the sole caretaker and financial provider. Parenting solo can be stressful, but the joys you experience with your children along the way are far greater. Being a single parent makes it all the more important for you to prepare a thorough estate plan. In the event of your death, your child does not have a second parent to rely on for either care or financial support. By taking some simple steps with the help of our Tampa Bay estate planning attorneys, you can prepare for your future and be at peace knowing your children will be cared for in the event of your death.
Estate Planning Essentials for the Single Parent
It is vital that single parents consider the following estate planning steps:
- Name a guardian: Selecting and naming a guardian for your minor child is of critical importance. You want to have a say in who will care for your children in the unfortunate situation that you pass before they reach the age of majority. You can name a guardian in your will or in a separate legal document. Without a named guardian, the Florida court system may be forced to select a guardian on its own.
- Create a will: You will want to draft a will that is complete and ensures your assets go to your children. A will is a critical starting point for your estate plan and can protect your children from a lengthy or contentious probate period.
- Consider a trust: Trusts are one of the greatest ways to protect your assets and allow for easy flow of your property and funds to your children. With a trust, your assets can be passed down without having to go through probate and the taxation that comes with it. You can specify that your assets be used for education, maintenance, and the like.
These are just a few estate planning methods that you, as a single parent, should consider implementing. Contact our office for an individualized consultation with our experienced estate planning attorneys.