Everyone knows how stressful it is to be a parent. What’s even more stressful? Handling all that worry on your own.
Single parents have to juggle the responsibilities of caring for young children as well as the added burden of worrying about what will happen to them in the event that you die or become incapacitated. Though it can be complicated, the good news is that there are estate-planning tips specifically for single parents that can help ensure your children are well cared for even if you aren’t around to do it yourself. To find out more, keep reading.
Make notes
Though it may not sound especially sophisticated, experts say one useful strategy that can prove very helpful for single parents is simply to make detailed notes and put them in a safe place. Make notes about your plans for the future, about who your lawyer is, details about the will, about guardian selection. Make notes regarding the care of your children, about insurance matters, bank accounts. Record any digital assets and account passwords, basically any information that you would want someone else to know in case something should happen to you.
Wills in Minnesota
Single parents, just like anyone, need to have a will. Wills are powerful estate-planning tools that can go a long way to ensuring your wishes are followed. Take time to sit down with a lawyer and craft a Minnesota Will, using it to designate someone who will manage your estate as well as name a guardian for your child.
Speaking of guardians, it deserves mentioning that naming a guardian is obviously a critical component of any single parent’s estate plan. If the child has a living parent who has been deemed fit by the courts, then you will not be able to select someone else to raise the child, the other parent will assume legal responsibility in the event of your death. However, if there is no other fit parent, you can use a will or a separate guardian declaration form to make your wishes known to the court.
Revocable living trust
One of the most powerful estate-planning tools, especially for single parents, is a revocable living trust. Revocable living trusts allow you to remain in control of your assets while you are able to do so, but also leave them in the hands of a trusted advisor when you are no longer around. You can use a revocable living trust to name a trustee to preside over the assets, a great way to ensure that minor children are cared for and protected. One important note here, there is no reason to select the same person to be both guardian and trustee, in fact, it may be best to separate the two. Doing so ensures that there are always two sets of eyes watching over major decisions for your children, reducing the ability of any one person to squander money.
Personal representatives / Executors
Single parents also must take time to think about themselves in an estate plan.
Besides ensuring that your child is going to be cared for, you need to also designate someone to serve as your representative in case something should leave you incapacitated. Naming someone as your financial or healthcare power of attorney is crucial when you do not have a spouse to step into that role automatically. Take time, weigh your options and choose someone you trust implicitly. It can also be helpful to draw up clear instructions or wishes, making decisions easier for your representative should they be forced to take action.
An experienced Minnesota estate planning lawyer can help walk you through the complicated process of establishing a workable estate plan. For more information on estate planning in Minnesota, along with a variety of other topics, contact Joseph M. Flanders of Flanders Law Firm at (612) 424-0398.
Source: “Estate Planning and the Single Parent,” by Alexandra Smyser, published at HuffingtonPost.com.
