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What single parents need to know about the estate plans

On Behalf of | Aug 2, 2019 | estate administration & probate |

Single parents in Indiana face unique challenges when it comes to estate planning. When they do not have a spouse, it is even more important to consider the needs of their children in the event of their death or incapacitation. By developing a well thought out estate plan, they can alleviate their concerns and reduce potential conflicts that may arise.

An estate plan is like a roadmap for others to follow. If a single parent becomes mentally or physically incapable of making his or her own decisions, an estate plan provides detailed instructions on how they want their affairs handled, according to the HuffPost. Estate plans consist of a variety of legal documents for managing finances, child guardianship and other matters.

One of the most common legal documents single parents need is a will. With it, they can stipulate how they want their assets distributed to their children. They can also name someone to serve as their child’s guardian. Another important document is a revocable living trust. When they have assets they want to leave to their children, they can place them in a trust. If they have a child that is underage or not mature enough to manage these assets, they can authorize an individual to oversee the trust. He or she is responsible for distributing the inheritance in a way that benefits the child. For example, the individual can ensure the financial resources go toward paying for college. A Power of Attorney is often included in an estate plan. A POA allows single parents to appoint someone they trust to take care of daily personal and financial affairs for them and their children.

An estate plan not only benefits single parents but also their children. It allows them to be proactive about protecting their children’s welfare. It is a comprehensive plan they create that is tailor-made to their unique circumstances, according to Forbes.