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.
Comments
There are no comments for this post. Be the first and Add your Comment below.
Leave a Comment