There is an expression that is often used with regard to the Vice President of the United States. He or she is said to be “a heartbeat away” from the presidency. The message that this is trying to convey can be applied to a single parent who has young children with regard to what could be waiting just a heartbeat away.
If you were to pass away, what would become of your children? As a parent, this is a vital question that you need to address by assuring that you have a solid estate plan in place that provides for your children.
First and foremost, you need to appoint someone to care for your children if you were to pass away or become incapacitated. This guardian would take over parental duties, and obviously this is a huge responsibility that you must discuss in detail with the person that you choose.
There is then the matter of making sure that there are financial resources in place for the well-being of the children. If you utilize a last will to transfer assets, including insurance policy proceeds, you could include a testamentary trust that would place controls on the assets for the benefit of the children.
Far too many people are putting their family at risk because they are going through life without an estate plan. When it comes to single parents, the need is clearly all the greater because of the fact that your children are completely relying on you.
If you would like to learn more about the importance and benefits of estate planning, we invite you to register for an attend one of our free living trust seminars. You can view our upcoming seminars by clicking here: Upcoming Seminars.
- 2024 Federal Estate and Gift Tax Update (VIDEO) - November 16, 2023
- National Long-Term Care Awareness Month (VIDEO) - November 13, 2023
- Proposition 19 and Repeal the Death Tax Act (VIDEO) - November 3, 2023