Estate Planning for the Single Parent
Sep 29, 2016
No parent wants to think about dying before they are able to see their children grow up but reality is that it happens sometimes. The question is, would you like it to be an easy process for your children or have it be a long, drawn out, costly process? Estate Planning is constantly overlooked by young and healthy parents because they are busy trying to juggle too many things at once. For single parents life can be even more hectic, but making sure you have your estate planning complete is still important.
Every single parent needs to have a Will, as known as a Last Will and Testament. In a Will you name who you want to be responsible for your estate and who will inherit your estate. More importantly, you can also name who you want to be the guardian of your minor child. We also recommend having an alternative guardian listed in case they predecease you or are unable to act for any reason.
APPOINTMENT OF GUARDIAN
As a single parent, appointing a Guardian of your child can be a sensitive issue. If your child’s other parent is around and is fit to parent your child, then they will be responsible for the care of your child, no matter your wishes. However, if the other parent predeceases you or for whatever reason is not able to act as guardian, then whoever you appoint as Guardian of your children will then be appointed.
POWER OF ATTORNEY FOR FINANCES
As a single parent, the responsibility of paying your bills is solely on your shoulders. Who will pay your mortgage if something happens to you? Having a Durable Power of Attorney for Finances allows you to appoint someone to be responsible for taking care of your finances. If you do not have one in place, you will have to wait for the court to appoint someone in a long, expensive guardianship case.
POWER OF ATTORNEY FOR HEALTHCARE
As a single parent, you don’t have time to be sick so a quick recovery time is mandatory. Having a Power of Attorney for Health Care in place ensures that someone you trust can make quick decisions on your behalf about your health care needs if you are unable to do so.
Estate planning is one of those things in life that we keep meaning to have done but, in the hustle and bustle of life it is easy to put on the back burner. If you are a single parent, estate planning is not something you can wait on for life to slow down; it is something that you need to have done now. Pedersen Law Office, LLC offers free consults in all of our areas of practice and will meet with you personally to discuss your specific circumstances and see what options are available for you. Our law office serves the communities of Appleton, Neenah, Menasha, Oshkosh, Green Bay and their surrounding areas.