Estate Planning for Single Parents
The idea that only elderly or wealthy people need an estate plan is absolutely false. Everyone needs an estate plan no matter how large or modest your assets are. At Phelps LaClair, we have been serving clients in the Phoenix Valley for over 40 years. We can attest that whether you are well on in years, or just starting out, you have a need for an estate plan. This is true for those who are married and those who are single. Perhaps one of the most pressing needs we see is estate planning for single parents.
Protecting your family, not just your assets.
When it comes to being vulnerable, children in single parent households have to rank nearest the top of the list. What would happen to them if their only parent passed away? Who would take care of them? Who could raise them in the way that you would want them to grow up?
Without an estate plan, your children would be at the mercy of the probate court. It is sad to say, but they might end up in foster care among people who have no idea how to raise healthy, well-adjusted children. If you are a single parent without an estate plan, here’s what you need to do.
Planning your estate.
Planning takes preparation. There are things you need to consider for the sake of your children.
- List all your assets and debts. You need to know what you have and what you owe so you can plan properly.
- Choose a guardian. You will most likely have a close friend or relative who could give your children the kind of life you would provide for them. It is a delicate conversation to have, but it is a necessary one.
- Hire a financial advisor. Your children are your greatest asset. A financial advisor can help you plan for their education and possible medical needs as they grow up.
- Hire an estate planning attorney. The law firm you call to fight a traffic ticket is not going to be the best choice when it comes to your last will and testament. At Phelps LaClair, estate planning is all we do.
Asking the crucial questions.
Estate planning for single parents involves many decisions that need to be addressed and written out. Some of these most important areas of concern are:
- Who will you choose as the guardian of your children? As we mentioned above, you need to appoint someone who is able and willing to raise your children in the way and with the values that you would.
- How will your assets be distributed? It is probable that most of your assets will go to your children. If that is the case, you need to state when and how they are to receive them. There are protective inheritance trusts that can ensure your children’s inheritance will be protected from outside claims and irresponsible spending.
- What if you become incapacitated? You will need to appoint a healthcare proxy and a financial proxy who will each have durable powers of attorney. They will make important decisions if you become unable to. You will also need an advance directive stating what kind of care you want, and how to handle end-of-life decisions.
Estate planning for single parents in Ariona.
Phelps LaClair is a second generation estate planning law firm with offices throughout the Metro-Phoenix Area . We have helped thousands of families find peace of mind for their future well-being. From single folks to traditional families, and blended families to single parent households, we have helped them all to secure their future through bulletproof estate planning. Estate planning for single parents is especially important to us. If you want to know more, call us today for a free no obligation consultation. You and your children absolutely can have the best possible plans for your future!
Images used under creative commons license (Commercial Use) 12/12/2020 Photo by Danielle MacInnes on Unsplash