Top 10 Issues for Single Parents in Estate Planning
Being a single parent is a tough job. It is essential that they make sure to take care of their estate so that their children are cared for in case of an untimely death.
Guardianship Designations for when the parent is alive but incapacitated: This requires a guardianship designation power of attorney.
Guardianship Designations for when the parent dies: This is addressed in the parent's will.
Health Care Directives: Without a spouse to lean on, a parent needs to find someone else to be their health care proxy in case something happens.
Durable Power of Attorney: If something causes the parent to be incapacitated, they need someone designated to take care of their finances.
Revocable Living Trust: This can keep finances out of probate so that they are available for the guardian to use right away to raise the children.
Testamentary Trusts: Money needs to be set aside for the children since they cannot directly inherit under Minnesota law.
Life Insurance: This is a vital strategy for making sure your children are taken care of if something should happen to you.
Letters of the Estate: The Letters can bring closure to your children after your untimely passing.
Letter re. Family Medical History: A description of the family medical history can be of the utmost importance to your children as they grow up.
Talk with your Children: Last but not least, talk with your children to give them assurance that if something happens to you, they'll be taken care of.
Having a comprehensive estate plan that avoids the many looming pitfalls requires an experienced attorney. If you are a single parent and need to plan your estate, please contact Signature Law for a free consultation.