Necessary Estate Planning Documents for Single Parents

Being a single parent typically means you alone must take the steps necessary to ensure that your children will be protected no matter what happens to you. While you might be fit and in perfect health today, there is no way to predict the future. Estate planning is an important means of protecting your children's long-term well-being.  Below, outlines some important documents you need as a single parent.

Last Will and Testament

A last will & testament (“will”) lets you name the person responsible for your estate and belongings as well as who will inherit your assets. Without a will, or other necessary guardianship documents in place, the state will decide your children’s fate.

Revocable Living Trust 

There are so many benefits of using a living trust when estate planning for single parents. First, a trust enables you to still control your money and property while you are alive and able, but if you die or become incapacitated, it transitions that decision-making authority immediately to the person you have named as your trustee. 

Durable power of attorney

When choosing your power of attorney, it should be someone you trust managing your financial affairs, while also making legal decisions on your behalf if you are unable to do so.

Beneficiary Forms

Your life insurance policy, retirement accounts, and brokerage accounts all require beneficiary designations. They cannot pass to your heirs via a will or a trust. Additionally, minor children should never be named as beneficiaries as they are not legally able to own assets.

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.