With all you do for your child each day, it is not uncommon for a single parent to not really think about estate planning. It is the last thing you want to think about and perhaps painful when you do. As a single parent, it never escapes your mind that your child depends on you for everything he or she needs. You will always want the best for your child no matter what. But parents don’t know where to start when it comes to estate planning and can become overwhelmed before they even get started.
At Gibbons Law Firm in Lake Ozark, we want you do know that it doesn’t have to be complicated. We have helped many single parents through the process, and we are here for you too. So, we thought we would share 3 things to consider in this blog that we hope will make it easier for you to get started.
Deciding who will raise your children if you were to die may be the most difficult part of estate planning for single parents. It also is extremely important. If your child’s other parent is not able or willing to raise your child, who would make decisions for him or her regarding medical care, education, religion, extracurricular activities, where they live and everything else? Often, a close family member will be chosen, like a parent or sibling of the late parent. But it also may be a close friend or someone who you trust to love your child like their own. It is good to consider things like parenting styles and philosophies, and your vision for your child’s home environment, safety, and future. If those are congruous with yours it may be easier on your child to adjust to a new home, especially when they are already feeling disruption and loss. Whoever you choose, it is important to speak with them before making your decision, so you know they are willing and able to take on the responsibility of raising your child.
You bear the expenses of raising a child every day and you know better than anyone that it is not cheap. A life insurance policy can make all the difference in your child’s future security and financial stability if you were to pass away before they are of age. However, it is also important that any money there to provide for your child serves its purpose in going towards your child’s needs. Gibbons Law Firm would be happy to talk with you about trusts and ways to dictate how and when the money will be available to your child. That way you can allow him or her to reach an age you feel they will be financially mature and self-responsible before having unrestricted access to the money.
Having a will is probably the most important thing in your estate plan as it can designate everything else. Without a will, the state will determine everything from who your child lives with to what they inherit. Our attorneys are experienced in estate planning at the Lake of the Ozarks and can help you keep the state from making these critical decisions instead of you.
We know it is an uncomfortable subject, but we also know it is an important conversation to have. At Gibbons Law Firm, we strive to make the process easy for you and have done so for many of our clients. Our estate planning attorneys in Lake Ozark are happy to answer your questions and guide you in the right direction to a solid estate plan. Don’t wait to schedule your consultation. Your first one is FREE, and we look forward to helping you! If you found this blog helpful, you can catch regular tips and information by following our social media links below.
Remember, your initial consultation with Gibbons Law Firm is always free.