Friday, June 10, 2022

Estate Planning For Single Parents - 3 Things to Think About

Being a parent is a full-time job. Being a single parent is so much more. We understand your child depends on you for everything, and that’s enough to keep you busy. We also know it is really common for single parents to have so many tasks on their plate, they don’t get around to estate planning. In fact, it can be uncomfortable to even think about. Especially when you know how much your child relies on you. But that is all the more reason that it has to be done. If anything were to happen to you, having a will in place and your wishes documented can make the situation much better, and less traumatic for your child. 

At Gibbons Law Firm, we understand it can feel overwhelming, but it doesn’t have to be complicated. We can help you through the process and make it easier for you to get it done. It’s a great feeling when you know you have taken the steps to look out for your child in the event that you aren’t here to do it personally. If you’d like to know more about estate planning at Lake of the Ozarks as a single parent, we have three things to think about to get you started in today’s blog.

Life insurance

You know from experience that the cost of raising a child is not cheap. Your child will still have the same expenses no matter who is raising them. Having financial security can help ensure that your child will not do without things that he or she is used to having. Knowing that things like school expenses, healthcare, clothing, and other necessities are provided for can bring a lot of peace of mind to a single parent. It is also important for you to know that the money will go towards your child, and that when your child has access to the money directly they are of an age to be financially responsible. At Gibbons Law Firm, we are experienced in estate planning and can help you document how and when the money will be used, and when it will be made available directly to your child.

Guardianship

This is usually the hardest one to decide and the hardest thing to think about for any parent. But it is especially important for the single parent. If your child’s other parent is deceased, or not able or willing to raise your child, you want to be the one to decide who will. It is usually assumed that it will be a family member like a parent or sibling who will be chosen. But I can also be a close friend. You want to think about who will share the same parenting style, philosophies, and home environment as you. You want someone who will consider your child’s safety and look out for their future. The more congruous the guardian’s lifestyle and parenting style is with yours, the easier it is likely to be for your child to adjust to. Obviously, you will need to have a conversation with that person before making your decision and documenting it so you know that they are in agreement and able to take on the responsibility of raising your child.

Last Will

If you do not have a will, it will be up to the state to decide all of these matters. For that reason, having a will made at Lake of the Ozarks is arguably the most important thing you can do. You don’t want the court to make such critical decisions as who your child will live with and what they will inherit. Our estate planning attorneys in mid-Missouri can help keep those decisions in your hands.

Let Gibbons Help You Get This Done. 

As hard as you work to take care of your child, to look out for them and provide for them, you know you have the heart to do what’s right for them. Let us help you get this task done, so you know your child will be in the best possible position if the unthinkable happens. We can make the process easier for you at our law office in Lake Ozark. We are here to answer your questions and walk you through the process step-by-step. You don’t have to put it off any longer, and you don’t have to figure it out for yourself. Just give us a call and schedule your free initial consultation. We look forward to helping you.  Also, don’t forget to follow us on social media using the links below to hear more tips and information about various legal topics from our mid-Missouri law firm.


Remember, your initial consultation with Gibbons Law Firm is always free.


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Gibbons Law Firm
2820 Bagnell Dam Blvd, Suite B4
Lake Ozark, MO 65049


(573) 348-2211

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