The Importance of Estate Planning For Single Parents
For some single parents, creating an estate plan is essential to protecting their children. Developing an estate plan is a large responsibility and can be overwhelming; however, with the proper preparation, guidance, and planning, single parents can ensure their children can be well cared for and protected in the unfortunate event that something happens to them where they are no longer able to provide the care their children need.
Having a well-drafted and attentive estate plan will help eliminate stress and conflict during difficult times. When you need help drafting and creating an estate plan, it is best to find a trustworthy and experienced estate planning attorney. When you need an estate planning attorney in Camden County and the surrounding areas, there’s no better choice than Baldwin Law Firm! The team of estate planning lawyers at Baldwin Law Firm will sit with you and help you draft and create your personalized estate plan. If you are single parent and are unsure if an estate plan is worth it, or you just don’t quite understand why creating a plan is so important, consider the following complications that can occur:
The Concern of Custody
If you are a single parent, and your child's other parent is a guardian and has a significant amount of involvement in the child's life, then they will most likely be given the custody of the child in the unfortunate event that something happens to you. However, if you are a single parent with sole custody of a child, meaning the other parent has no involvement in the child's life, that means you will need to name someone who could potentially be the child's guardian in the event that you get sick or pass away before the child is an adult.
If you are faced with a serious medical emergency and are unable to express who you prefer to care for your children because of the current health situation you may be in, someone will have to make those choices for you. If you don’t have a plan prepared and your child is an adult, the medical choices may fall on them. And in some cases, this can be a life or death situation. To avoid your child potentially facing guilt and ensuring the proper decisions are made, the team at Baldwin Law Firm will work with you to create a comprehensive plan before an unfortunate event happens.
Potential Inheritance Problems
If you have a larger estate, estate taxes may be charged. However, did you know that money can be transferred from spouse to spouse without facing estate tax chargers? It's true, unless the money is left to a child. As a single parent, since you are not currently married, it is crucial to create a plan to avoid estate tax if you plan on leaving the maximum value of your assets to a child. Not having a plan may cause them to lose out on a big portion of the assets due to taxes.
Complications with Minors
As a single parent, it is likely your goal to be able to financially provide your child or children – especially if something happens to you. In this case, a broad will and testament may not be enough. Making a will that leaves finances to a child who is a minor usually results in the guardian of the child getting the funds. Once the child – or children – reach the appropriate age the entire inheritance will be passed on to them. By creating a personalized plan with the experienced estate planning attorneys at Baldwin Law Firm, you can structure the inheritance how you desire while your child is a minor.
There are many more things that single parents should consider when creating an estate plan. Creating an estate plan online can end up causing issues if you are not specific enough or if you make simple errors in the plans. That's why you can trust the team at Baldwin Law Firm. Our estate planning attorneys will construct a personalized plan that caters to your situation.
Why Choose Us?
The team at Baldwin Law Firm is committed to working hard to help single parents, couples, married parents, and individuals create a personalized estate plan to cater to what matters most to them. We understand that you work hard to get your assets and you deserve to use your finances to leave the type of legacy you want. Our experienced law firm can help you ensure that the best estate plan is created so you can rest assured that your inheritance will go to the right person, like your child or children. Our team can provide the proper assistance to individuals and families no matter what their circumstance.
While the need to make an estate plan is essential for any family, couple, and individual, it can be especially important for single parents to create a plan in case of an unexpected death or sickness. It is essential that single parents a plan not only when their children are young, but equally important when their child or children are qualified as an adult. Whether you are a single parent or married and you need help creating a personalized estate plan, contact the professional estate planning attorneys at Baldwin Law Firm!