With everything on your plate as a single mother, it is easy to put off estate planning. But having the right documents in place can give you peace of mind for your children’s security and stability if something happens to you.
These are a few things that you should consider.
Advance directives
Advance directives such as a living will spell out your wishes for medical treatment if you become incapacitated. This ensures doctors follow your preferences. You should also complete a health care power of attorney to name someone to make medical decisions when you cannot.
Financial power of attorney
This empowers someone to handle money matters if you become incapacitated. A financial power of attorney is critical for single parents who manage all finances for their family.
Will
A will is the foundation of any estate plan. It directs who should inherit your assets and become executor of your estate. This legal document expresses your wishes so there is no confusion.
Guardianship
You can also use your will to name a guardian for your minor children. Choose someone you trust who is willing and able to raise your kids.
Living trust
Living trusts avoid probate and quickly distribute assets. Assets in a trust transfer to children efficiently and without court oversight. This gives kids timely access to funds through the trustee you appoint, potentially saving them from financial uncertainty and upheaval.
Taking time upfront to put legal protections in place will give you peace of mind as a single parent. It ensures you have made provisions for your children’s care and financial needs if the unexpected occurs. With safeguards in place, you can focus on enjoying each precious moment with your kids.
