We believe that single parents put off estate planning due to uncertain future circumstances. Many single parents do not want to remain single forever. As such, they think they should wait to create an estate plan until they marry or acquire a long-term romantic partner.
Those familiar with estate planning know they can update and modify their plan as their lives change. Unfortunately, many single parents in the Traverse City, MI, region do not know about the ability to update an estate plan. Understanding this capability can encourage you, as a single parent, to begin protecting your kids and your assets through estate planning.
Tips for single parents
In our years of providing estate planning services, we have discovered a few useful tips to help single parents begin this critical task:
- Make a complete list of your assets and liabilities.
- Write down what you want your last will to include.
- Decide if you need to create a trust for your children (vital for kids with special needs).
- Consider the many benefits powers of attorney can add to your plan.
- Make a list of candidates to act as estate executor upon your death or incapacity.
- Choose one or more guardians to care for your children if you die unexpectedly.
After you complete these steps, consider taking the data you have acquired along with your lists to a law firm for review. Together, you can work to create an estate plan sure to provide for your children’s needs upon your death.
If you choose to get married going forward, you can return to your attorney and change your plan to accommodate your new family situation. We invite you to continue exploring our online estate planning resources if you wish to learn more.