If you are a single parent, you want to create a will to protect your child’s future. Although you may not want to think of your end of life, you wish to ensure your child does not lose wealth and guardianship. An estate planning in Ridgeland can help you create a will that covers all of your current and future wishes. Having a thorough plan is necessary to ensure your wishes are carried out. Read on to know the major areas to cover in your will to protect the future of your child:
Having a will in place is particularly important if you have a minor child. Without a will, a court will decide who will take care of them. While you are still alive, you can choose or list a guardian for your child in your will. The guardian will make decisions about your child’s education, residence, extracurricular activities, and medical care. Just ensure you speak with your chosen guardianship to make sure they are ready to take the role.
Although your child is entitled to your estate when you die, you may want to be specific on who gets what in your will. This is particularly useful if you have many children. For instance, you could mention in your will that you want your musician son to inherit your guitar collection or your daughter to get your jewelry. Although you might think your children will work this out on your own, a Will can prevent future tensions, greed, and arguments from arising.
Insurance Proceeds Management
As a single parent, you may not name your younger children as a beneficiary of your insurance proceeds. Life insurance policy funds cannot be provided to minors. But you can make a trust in your will known as a testamentary trust for every child and designate the trusts as your life insurance’s beneficiary. The trusts will hold the proceeds of your policy, letting your terms dictate the way the funds are utilized for the best interests of your children.
As a single parent, you want to make sure your children can still go to college even after they die. For this to happen, you need to prioritize this in your estate planning. The testamentary trusts you create in your will let you make sure funds are used for your children’s education. Also, you can create a 529 Plan for your children. With these plans, your children can go to college and begin adulthood on the right foot.