When people hear the term, “estate planning,” many have thoughts about elderly people who are preparing for their final years or families who are coordinating an end-of-life plan for an aging relative. However, there are many single parents in Florida who can also benefit from planning their estate even though they may not have a traditional marital relationship.
While estate planning may be a topic that is not of critical importance to people unless they see an immediate need, their efforts to begin planning far in advance can make a considerable difference in how comfortable they feel about what will happen to the people they love and the things they cherish when they become incapacitated. For single parents, this task can be significantly more daunting in that they do not have a spouse to rely on for helping to raise or care for dependents if something happens to them. Because they are the sole provider, they will need to ask someone they trust to resume the responsibility of caring for their children should an unforeseen circumstance result in their debilitating injury or death.
When a single parent begins the process of estate planning, he or she will need to assess the characteristics that are important to them in a caretaker. Often, these committed parents will need to look closely at the location, financial stability, personality, availability and potential of the people they are considering as caretakers for their children. When proper time and attention is put toward establishing an estate plan, a single parent can continue to influence their child even after they are deceased.
When people are ready to start writing an estate plan, they may benefit from the help of an attorney. Legal professionals are aware of the challenges of planning for the future and can act as advocates for people looking to plan ahead.
Source: Kiplinger, “Estate Planning for Single Parents,” Timothy Barrett, May 20, 2019