Thursday, December 1, 2022

Estate Planning - 3 Tips for Single Parents

If you are a single parent, chances are you work really hard to take care of everything your child needs. It is a 24/7 job that takes everything you have, that you give your all to because it matters. At Gibbons Law Firm we very much respect that. We understand that the role you play in your child’s life is foundational, and that no one could do the job like you. As estate planning attorneys at Lake of the Ozarks, we also know the importance of having an estate plan as a single parent, in case something was to ever happen to you. It’s a terrible thing to think about, but as much as you care about your kids, it provides tremendous peace of mind to know that you have done as much as you can to help your kids through their future even if you’re not around to be there with them. We help single parents with estate planning on a regular basis at Gibbons Law Firm. We can help make what seems like a daunting task, much more comfortable and less complicated for you. Best of all, after working with us, you know you have done your job to look out for your family in the event that something was to happen to you. So, we wanted to share with you three things to think about in today’s blog that will help you get started in the estate planning process.

1) Life Insurance

With all the expenses that go along with raising a child, having a life insurance policy to help with those expenses is essential. In addition to getting that policy in place, you want to think about how those funds are going to be handled and by whom. Your kids are minors and not in a position to be responsible for handling large sums of money on their own. We can help you set up a trust or make arrangements for the money to be handled for the child until they are of age to be financially responsible. You can decide how you want those things handled and Gibbons Law Firm will help you document it legally.

2) Guardianship

It is a difficult task to think about who you would want to raise your children for you if you were to pass away. There are a lot of things to consider when making that decision. Of course, most of the time a parent will choose a close family member, but sometimes parents will choose close friends instead. One thing that a parent will take into consideration includes the parenting style of the person they are wanting to be the guardian. Choosing a guardian that has a similar parenting philosophy, home environment, and lifestyle, can make the transition for your child much easier and less traumatic. You might consider where the guardian lives because it may be much easier for your child if they are able to remain in the same school and still have access to friends and family that they’ve always spent time with. Once you have someone in mind, have a conversation with them to make sure they are willing to take on the responsibility and are in agreement with you documenting them as their child’s legal guardian should something happen to you.

3) Living Will

Once these things are decided, it’s time to put them into a legal legally binding document. Without a will, the Court will decide these things instead of you. You can avoid that by having a will made it Lake of the Ozarks with the help of Gibbons Law Firm. Our estate planning attorneys in mid Missouri can help you make sure what happens to your kids are decided by you and not the State.

Gain Peace of Mind with Help from Gibbons Law Firm

While it seems easy to put this off, it feels much better knowing you have it done. Let us help you put these documents in place to ensure your wishes are known and honored if the unthinkable were to happen to you. If you have any questions, take advantage of a free initial consultation at our Lake Ozark law firm. We would be happy to sit down with you and talk about the different factors involved and help you get an understanding of what you can do to look out for your kids. If you’d like to hear more legal tips and helpful information from Gibbons Law Firm, you can use the links below to follow us on social media and stay in the loop!

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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