Estate planning is important for everyone, and especially single parents. While estate planning is primarily defined by deciding on asset distribution, single parents have different concerns from married couples.
One of their main concerns is usually their children’s security. So, if you are a single parent in New York and wondering how to develop a feasible estate plan to protect your kids, the Law Office of Diron Rutty has these tips for you.
Create a Will
The last will is among the most crucial documents single parents should include in their estate plans. It allows the single parent to choose their child’s guardian after they pass away. It also outlines the child’s inheritance, their financial support, and how that inheritance will be protected if they are under 18.
Your child could land in the wrong hands if you didn’t specify who you want to take care of them in your will. It’s advisable to talk to an experienced estate planning attorney as a single parent to ensure your child remains protected in the unfortunate event of your death.
The Importance of a Trust
With a trust, you can choose your child’s guardian and allow your estate’s beneficiaries access to the assets left for them. Again, this is highly beneficial to your child, especially if they are young.
Note that trusts are not subject to the probate process, so it allows the trusted individual to support your children financially. It also allows the trust to protect the assets left by the single parent, safeguard the child’s health, as well as provide education and general needs through adulthood.
In the event of an injury, illness, or incapacitation of any way of a single parent, there can be many emergent costs. As a single parent, it is wise to develop a strategy that will cover any unexpected costs that are tied to such an event. That’s why a single parent’s comprehensive plan needs incapacitation planning. This planning names the responsible individual for important health care and crucial financial decisions if the parent is incapable of making them.
Consider Life Insurance
It should be every single parent’s dream to have life insurance coverage for their children in the event of their death. It ensures that even after they pass away, children are well cared for.
If you are a single parent, our estate planning lawyer in the Bronx can help you develop a strategy that will help minimize your taxes while maintaining the life insurance funds for some years after death and using it to the child’s benefit.
Single parents face unique challenges with regard to estate planning. That’s why it’s so important to work with a lawyer who will help create a plan that addresses your wishes and provides you with peace of mind.
Are you a single parent in need of professional estate planning? Contact an estate lawyer at The Law Office of Diron Rutty in New York. We will help protect your loved ones by developing a remarkable estate planning strategy that fits your needs.