Estate Planning for Single Families
As a single parent, you may be particularly concerned about planning for your child’s future. Without a proper estate plan, their future may be uncertain. But with careful planning, you will be able to rest easy knowing your children’s inheritance is protected
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What if you become physically or mentally disabled, get a terminal disease, or what if you pass away?
Would you want the court system to decide who gets to take care of your child, or do you want to designate someone that you and your child love and trust? The answer is obvious, but yet 69% of parents don’t have a will, where a guardian is usually designated. As a single parent, or any parent of minor children, getting the guardian nomination right is arguably the most important things you can do for your child, as that imprint alone will shape their future and keep your wishes and your voice alive through carefully planning ahead. Whether your child’s inheritance consists of real property, a family business, or an investment account, most parents want to make sure that their assets they have worked hard to acquire are distributed wisely amongst their children or other beneficiaries.
Most parents are aware that the proper way to ensure this is by establishing a living trust. A properly structured and funded living trust will keep your financial affairs privately managed by a trustee you select, rather than going through probate proceedings which are both public and costly. Somehow there is still a misconception that a living trust is only for people of a high net worth. A living trust really is for anyone who wants to remain in control over what happens not only to their assets when they pass, but more so how this will affect their posterity. The process of deciding how to leave your assets has less to do with money and more to do with passing on important life lessons, values, and avoiding conflict.
Share Your Love, Share Your Vision
Whatever your worries may be, from protection of your personal assets to naming potential future guardians for your loved ones, we can help. Our estate plans are tailor-made to your individual family situation, and will address each issue you hope to solve. For a complimentary estate planning consultation, contact our offices today!
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