All parents need an estate plan, regardless of their marital status. Although estate plans for single parents and married parents have many similarities, there are seem important differences that single parents need to include in their estate plan. As a parent, your most important concern is the well-being of your kids.
Estate plans deal with the possibility that you could died before your children are adults. One important legal matter to address is the selecting a legal guardian. A guardian will be responsible for caring for your children should you pass away while they are minors. In most cases, your children’s other biological parent would be the best option for them. However, there are circumstances when your child’s other biological parent should not serve as their legal guardian. If this is your situation, you should weigh your available options for guardians and make the proper legal arrangements through your estate plan. Also, discuss this with the person you choose to be your child’s guardian in advance of making it official. Our estate planning attorney can help you create a trust that assists the guardian in caring of your kids and provides for their education.
Single parents should also contain legal provisions in their estate plans to protect their kids if they should become incapacitated. Our estate planning lawyer can assist you in creating documents that address this situation. A living will or an advance directive is an estate planning document that spells out your wishes for life-sustaining medical attention so doctors know what to do should you need someone to make health care decisions for you. If you are ever medically incapacitated, you would not be able to manage your finances, therefore your estate plan contains a revocable living trust and a durable power of attorney to address those concerns.
Life insurance is also an essential element that makes sure that your kids are financially taken care of in the event your death. It is important that you purchase a life insurance policy that will adequately cover your children’s needs. Single parents should also consider disability insurance to protect themselves and their family should they become injured or sick and they cannot work.
Parents with children can use trust planning to make sure that assets are distributed and managed in the manner that you desire.
Life brings all kinds of changes, and it is important that your estate plan reflects your current circumstances so that it will adequately provide for your children if you die or become incapacitated. If you have kids and you want to create or update an estate plan, call Kansas Estate Planning Attorney Thomas McDowell at (316) 269-0746 today, to arrange an initial consultation.
