Estate Planning in Cary NC for Single Parents
As a parent you want to make sure your child is taken care of, from having food and a place to live to getting an education and receiving medical care. If you are a single parent, who would provide those things if something happened to you?
No one wants to think about leaving behind a child, but as a parent it is your responsibility to plan for a future where you may not be around to take care of him or her anymore. You do not want the state to determine who will be in charge of your child’s future. It is important for you to create an estate plan that outlines how your child will be taken care of if you were to become incapacitated or die.
In this series, we’ll give you some tips for estate planning in Cary NC so that you can have peace of mind of knowing that your child will be cared for according to your wishes. A well thought out plan can reduce the problems that may arise during what will already be a difficult time for your family.
Begin planning your estate by listing all of your assets and debts, then decide how they will be distributed. Keep in mind your child’s age. Minors cannot take ownership of assets over a certain amount. You can establish a living trust for your children that will be available immediately to help their guardian care for them.
If you create a living trust, you will need to fund it in order for it to be effective. If it is not properly funded and the correct names are not listed as trustee(s), it will have no validity and your estate may have to go through the probate process anyway, which can hold up funds that would be used to care for your child.
Check out the next part of this series, soon for more tips on estate planning in Cary NC, when you are a single parent.
If you don’t have an estate plan in place or haven’t reviewed yours in several years, now might be the best time to start. Our estate lawyer is here to help you get your estate planning in order and ready should you pass in an untimely manner or become incapacitated at some point. It’s better to be safe than sorry when it comes to an estate plan. Contact our lawyer to get started with estate planning in Cary NC, today.
Eldreth Law Firm, PC
As always, feel free to contact us with any questions or concerns you may have about estate planning. Also contact our lawyer to schedule a consultation if you have yet to start estate planning. It's never too early to make plans for your wishes upon death. In addition, our attorney is here to help you with all your legal matters, whether it be estate planning, small business, trademarking, copyrighting, or DWI issues.
Visit with other blogs in this series, below:
- Estate Planning Tips for Single Parents Part One
- Estate Planning Tips for Single Parents Part Two
- Estate Planning Tips for Single Parents Part Three
- Estate Planning Tips for Single Parents Part Four