Estate Planning Is a Must for Single Parents
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? This is a question that you must ask
yourself, and when you do you will recognize the fact that you must make sure that you have a solid
estate plan in place that provides for your children.
First and foremost you are going to want 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 going through life without an estate plan, and when you do this you are putting
your family members at risk. When it comes to single parents, the need is clearly all the greater because
of the fact that your children are relying on you to such a complete extent.
Experienced estate planning attorneys Campbell CA of the Law Office of Roy W. Litherland offers
estate planning and business planning resources to residents of Campbell CA. To learn more about
these free resources, please visit www.attorneyoffice.com/ today.