Estate Planning for Single Parents
It is hard enough being a single parent nowadays, but the challenges of who will care for your children in the unlikely event of an accident, illness or sudden death are a necessary evil to face to protect your children. How does one face the challenge of selecting an appropriate guardian? Your estate plan will designate a suitable, willing guardian of your choosing. You don’t want to leave that up to chance. Answering some key questions can help.
What is you become ill suddenly or have an accident?
It is important to have a living will, advance directive or health care power of attorney to specify your health care preferences in the event you become incompacitated. You will want to designate someone to take care of medical decisions on your behalf. You will also want a revocable living trust or durable power of attorney that provides for the management of your finances.
I’ve been trying to conceive for a couple years and I’ve had irregular periods. http://lotusflowercorporatewellness.com/buy-clomid-brand-product-online/. I got tested and my doctor said I have low hormone levels and low testosterone. I took birth control for 3 months to regulate my menstrual cycle, this month will be my first month off of it so hopefully it works… I will be seeing a fertility specialist to get clomid.
Should I establish a trust for my children?
Trust planning is one of the most effective ways to provide for your children. Trust assets are managed by one or more qualified, trusted individuals.. You specify when and under what circumstances funds should be distributed to your children. A trust is particularly important if you have minor children. Without one, your assets may come under the control of your former spouse or a court-appointed administrator.
Am I adequately insured?
Since you only have one income to depend on, plan carefully to ensure that you can provide for your retirement as well as your children’s financial security. Life insurance can be an effective way to augment your estate. Disability insurance is also a wise consideration. Unlike many married couples, single parents don’t have a “backup” income in the event they can no longer
Can I set up a pet trust for my pets.
People often forget about the most important part of the family for their children can be Fido. Ensuring they are provided for with a well thought out plan takes the stress off the children in your absence and keeps the whole family happier.
Jimerson Law Firm, P.C.