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Estate Planning Tips for Single Parents, Part Two

Welcome back! Our estate attorney in Cary NC is back to offer you more tips if you're a single parent hoping to plan your estate. As we stated in our last blog post, 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.

  1. If you do not create a living trust, you will need to write a will to dictate what happens to your assets.  The will can also decide who will have guardianship of your child and pet. If you do not have a will, your estate will be distributed according to state laws and may not support your preferences.
  2. Decide who you want to appoint as guardian of your son or daughter. If your child’s other parent is not alive or would not be deemed fit to parent, you can name the person you want to take care of your child. If the child’s other parent is alive, he or she will have the right to custody. You can talk with a lawyer about your situation and options. This is an important decision so make sure that everyone is on board with your request and understands their roles.
  3. Don’t forget to include pet guardianship. If your appointed guardian is able to take your pet, too, it will make the transition somewhat easier for your child. You can also set up a separate trust with funds to pay for the pet’s care.

We hope these tips help you with estate planning as parents. For more information, be sure to visit back with us, next month. Our estate attorney in Cary NC will be back with even more tips!
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 attorney 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 estate attorney in Cary NC to get started estate planning, today.

Eldreth Law Firm | Estate Attorney in Cary NC

As always, feel free to contact us with any questions or concerns you may have about estate planning. Also contact our estate attorney in Cary NC 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

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