Loune-Djenia Askew, Esq.
Oct 30, 2024
Life as a single parent is busy and full of responsibilities. Between work, taking care of your children, and maintaining your home, it's easy to overlook estate planning. However, creating an estate plan is essential for protecting your children and assets. Here's what single parents in Florida need to know.
Life as a single parent is busy and full of responsibilities. Between work, taking care of your children, and maintaining your home, it's easy to overlook estate planning. However, creating an estate plan is essential for protecting your children and assets. Here's what single parents in Florida need to know.
Last Will and Testament
A Last Will and Testament is important for any parent. It allows you to decide how your assets will be distributed and name a personal representative to manage your estate. For single parents, one of the most important features of a Will is naming a guardian for your children. Without this, the court will appoint someone, which may not align with your wishes.
Revocable Trust
A Revocable Trust helps you avoid probate and gives you more control over when and how your children receive assets. You can fund the trust with your property and name a successor trustee to manage it if you pass away. If you prefer your children to receive their inheritance at a certain age (such as 18 or 21), a Revocable Trust can ensure that happens.
Durable Power of Attorney
If you become incapacitated, who will manage your financial affairs? A Durable Power of Attorney allows you to appoint someone you trust to handle your mortgage, bills, and other financial matters if you are unable to do so. This is especially important for single parents who are the sole signatories on their accounts.
Beneficiary Designations
For accounts like life insurance, retirement, or brokerage accounts, you can designate beneficiaries. However, minors cannot legally own property, so naming your children directly as beneficiaries could create complications. Instead, consider naming a trust as the beneficiary, so that your children receive the assets once they are legally eligible.
As a single parent, estate planning might seem overwhelming, but it is vital for your family's future. Make sure to consult an experienced estate planning attorney in Florida to ensure your plan protects your children and assets in the best way possible.
For more information, contact our office at Askew & Associates, P.A. by calling 954-546-2699.
Disclaimer: this blog post is not intended to be legal advice. We highly recommend speaking to an attorney if you have any legal concerns.