Estate Planning For Single Parents

Single Parents Have a Lot on Their Plate | Estate Planning Shouldn’t Be One of Them

As a single parent, you probably have many tasks to check off your list each day. While estate planning for single parents is a crucial step, it doesn’t need to be another stressor in your life.

Working with a qualified Ann Arbor estate planning attorney, like the team at The TGQ Law Firm can make estate planning for single parents a breeze. You can feel confident that your children, health, and assets will be in the best hands should you become unable to make decisions about them.

Do Not Let the State Decide Who Raises Your Children and How Your Assets Are Distributed

What would happen to your children and your assets if you were to pass away?

If you die without a will, the state will decide who gains custody of your children. The court may pass custody to another family member it believes will protect your children’s interests. Unfortunately, if you do not have family members who are fit for the job, your children may enter foster care.

Creating a will or trust can allow you to dictate who will receive custody of your children after you pass, be it a family member, a friend, or another trusted adult in your kids’ lives. Your will or trust can also state who will receive your assets and property after your death, allowing you to designate assets for your children’s care and upbringing.

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Make Sure You Have an Updated Will and Power of Attorney

Wills and power of attorney documents are two essential components of estate planning for single parents.

A will is a document that dictates your wishes for the distribution of your assets and property after your death. This document can also assign guardianship of your children to another person should you pass away before they turn 18.

Meanwhile, a power of attorney is a document that allows someone else to make decisions for you in specific situations. For example, you can designate a person to make medical decisions when you can no longer make them yourself. You can also give a person power over your finances and property if you become incapacitated.

Choose the Right Guardians for Your Children

Your children’s upbringing significantly affects their happiness and livelihood as adults. If you were to pass away while still caring for your children, you should ensure the best outcomes for the rest of their childhood by assigning a trusted family member or friend as their new guardian.

You can make plans in your will for minor children and adult children who require extra care. Here are a few things to keep in mind before choosing a guardian for your children:

Consider the potential guardian’s current age and health.
Think about the person’s values compared to your values.
Consider their finances.
Provide detailed instructions in the will regarding how the person should raise your children.
Discuss the idea of guardianship with the person in detail before making it official.
Failing to choose the proper guardian could leave assets in the hands of an inappropriate manager (other parent, relative, etc.)

Some parents want to ensure that the control of any assets left behind by them goes to their children. If you fail to plan properly, it could leave these properties in an inappropriate manager’s hands- such as the other parent or another relative.

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It Is Important To Consult With an Experienced Estate Planning Attorney

Working with a professional estate planning attorney is essential to make sure your estate planning documents are accurate, thorough, and legally blinding. At The TGQ Law Firm, our Ann Arbor estate planning attorney has helped numerous single parents throughout southeast Michigan create comprehensive estate plans that reflect their wishes.

You don’t need any legal knowledge to create a detailed estate plan. Our attorney can walk you through the estate planning process, help you understand which documents to create, and update your plan as needed to reflect your ever-changing circumstances.

Doing Nothing Is Not an Option

When you fail to create an estate plan, you’re choosing to allow the state to decide your children’s best interests. Doing nothing isn’t an option. You must be proactive in your plans for your children, assets, and healthcare decisions to ensure these critical matters fall into the right hands when you no longer have any say in them. Our team is here to help with every step of the process.

Request a Consultation | Michigan Estate Planning Attorney | The TGQ Law Firm

At The TGQ Law Firm, we have over a decade of experience in estate planning for single parents. Contact us today at 734-707-3232, or fill out our online form, to schedule your 15-minute no-cost consultation with our qualified estate planning attorney.

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During this 60-minute (one hour) in-person meeting we will review your situation, listen to your interests, and identify a satisfactory plan of action. We look forward to meeting you!

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