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Estate Planning for the Single Parent

Estate Planning for the Single ParentIt is estimated that one-third of American children live in a single-parent household, and single parents are advised to create an estate plan that provides protection for their children. Here are some tips:

Create a will that names a guardian for your child(ren). If you die when your children are still minors, a court will recognize the person you have designated as guardian. They will also be responsible for to managing any inheritance if there is no other plan (like a trust) in place.

Establish a trust. You will can create a trust for each child, or a “pot trust” for all your children. You will need to name a trustee to handle your children’s inheritance until your children reach whatever age you specify in the trust to receive that inheritance. Since children under the age of 18 cannot directly inherit large sums of money or property, a trust protects assets for them until they are of legal age.

Name a custodian. Under the Uniform Transfers to Minors Act, you can choose a guardian to manage property you leave to a child until that child reaches the age of 21. If you don’t want them to inherit until they are older, then use a trust.

Use life insurance to fund a trust or custodianship, and invest in disability insurance to cover your living expenses in case you become disabled.

Contact our Fort Myers estate planning law firm for a complimentary consultation on Florida retirement planning strategies.

Categories: Estate Planning
dorcey law firm
The Dorcey Law Firm, PLC - Fort Myers Attorney
Located at 10181 Six Mile Cypress Pkwy, Suite C, Fort Myers, FL 33966
Phone: (239) 330-6674
Local Phone: (239) 418-0169