According to recent statistics, there are about 14 million single parents in the United States with the responsibility of raising almost 22 million of our nation’s children. Estate planning for a single parent can be a difficult assignment. With the help of an knowledgeable estate planning attorney, a single parent can ensure that nothing is left to chance should disaster strike.
As a single parent, detailed and careful thought is needed when it comes to estate planning. There are a number of questions to be answered when trying to minimize the damage and burden to those left behind. Who you wish to raise your children is one of the most important. Without a will, a court would decide where your children will live and make crucial decisions regarding their education and well-being. A will can also take financial decisions out of the court’s hands, minimizing probate costs and ensuring the fastest possible distribution of your estate or insurance proceeds to your children. Establishing a trust to clearly outline how an estate is distributed can keep taxes low and designate an executor or trustee to aid in important financial decisions.
Careful planning is also important in case of incapacity. Important decisions can be made in advance regarding life support or insurance in the event you are disabled. At Marc A. Bronstein, A Professional Law Corporation, we can help with the legal establishment of a Healthcare Directive and Durable Power of Attorney to designate who you would like to make important decisions if you are unable to. Call us today.