There are many people who have the misconception that you only have to invest time an energy into estate planning if you are older, or if you have assets you want to protect. This is simply not the case. Estate planning is something that is important for everyone – regardless of your age or marital status. However, for single parents, it is even more important.
Making sure that your finances are in order is an important step to ensure that your children will be taken care of if the unthinkable were to happen. Also, estate planning can provide you peace of mind.
Getting Your Estate in Order: Tips for Single Parents
Planning your estate requires quite a bit of preparation and thought before you make any decisions. Some things that you need to consider include:
- All of your debts and assets. You should make a list, which will help move the process along.
- Choosing a property and child guardian (usually two different people).
- Hiring or meeting with a financial planner.
- Working with an attorney to make sure you understand the process and if you need a living trust.
- Creating your will.
Important Questions to Keep in Mind
If you were to pass away, there are many things that would have to be decided. If you failed to plan out all of these things, it may be left in the hands of the court. This is not an ideal situation for anyone involved. Some of the questions that you need to keep in mind, and ensure are addressed in your estate plan and will include:
- Who is going to retain guardianship of your children?
- Who is going to receive your assets? With the assets be given to your children at a certain time? When will they receive them?
- Should you purchase life insurance?
- Should you have a revocable trust created?
When it comes to estate planning, there is no question that the process can be overwhelming. This is why it is a good idea to seek professional help. Both a financial planner and an attorney can be invaluable when making these decisions and help ensure that you have everything in place if you were to pass away. This will provide you with peace of mind that everything would be handled according to your wishes.