Estate planning is a process that offers benefits for most Georgia adults, regardless of income level, marital status, health condition or age. Through wills and other estate planning documents, a person can secure interests for his or her future, plan for medical care and much more. This is an especially critical step for adults who are single parents.
Single parents want to do everything possible to care for their children, and this includes planning for their future in the event that the parent passes away. This is something few people want to consider, but it’s smart to have plans in place in case tragedy strikes. This can ensure the kids get the financial support they will need. One specific thing that will benefit every single parent’s estate plan is a trust.
A trust can hold and protect assets from a deceased parent’s estate, keeping it for a specific purpose. This would be the care of the child. A trust can include instructions for how the funds are to be used, name a guardian for the child and even name people who can help make important decisions for the child. This estate planning step can allow a single parent look to the future with confidence.
By drafting wills, trusts and other estate planning documents, a single parent can provide security for his or her child. Georgia adults often put off these steps because they think it is not necessary, but it is prudent to have protections in place. Single parents may want to speak with a legal professional regarding his or her estate planning needs.
