Being a parent comes with a lot of responsibility. Your parental obligations carry even more weight if you are a single parent. After all, for various reasons, it could be difficult to find someone to rely on to handle things in the event of your sudden passing or if you are incapacitated. This could put some strain on you to ensure that your children’s care and financial security are taken care of.
Fortunately, the right preparation and planning can keep your family well cared for even after you’ve passed away. Connolly Suthers, a law firm that provides legal assistance to clients in property law, succession law and personal injury, reminds clients of the importance of proper estate planning, as it serves to make single parenthood a lot easier.
Ensuring the Financial Security of Your Children
A living trust has several benefits — if your children are too young to manage their assets by themselves, establishing trusts for them are a great way to ensure their financial security. Through a living trust, you can name a trustee responsible for managing the assets you leave to your children and make distributions to beneficiaries.
The Importance of Nominating a Guardian
When you have already passed, your former spouse may have legal rights over your children if they prove to be fit and financially capable. Naming a guardian is still necessary, however, as the other parent could refuse to act in some cases or the court appointed guardian may not be your personal choice to raise your kids. The guardian you name will be responsible for taking care of your children following your passing.
A Power of Attorney for Financial Affairs
As a single parent, you are the sole signer on bank accounts. If you were to pass on unexpectedly, it would pose difficulty as no one would be able to access your accounts to pay bills or buy necessities. With a durable power of attorney, an agent can help you choose a person to keep everything in order so that the lives of your children can continue as normally as possible.
As a single parent, make it a priority to protect you children through the proper estate planning preparations. An appropriate estate plan, after all, will give you peace of mind knowing your children will be in safe hands even in the event that you suddenly pass on.