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Single parents have numerous opportunities to provide for their children through wise estate planning. Writing wills, purchasing insurance, and drafting advance medical directives are ways to ensure peace of mind for parents and their kids. Below are examples of how these and other estate planning tools ease family burdens when parents become ill or pass away.

Wills & Trusts

Wills are the vehicles that allow single parents to name guardians for their minor children and adult children with special needs. Parents who pass away without wills leave it to the state to make such decisions. Single mothers and fathers can also create various trusts to hold assets for their children’s support, education, and inheritance. They should name trustees as well to carry out the terms until children are mature enough to manage their own affairs.

Insurance Policies

estate-planning-Honolulu-HIInsurance policy proceeds pass directly to named beneficiaries without going through probate. Purchasing life insurance through an employer and privately, with your children as beneficiaries, provides finances for them if you pass away unexpectedly. Having a policy for funeral and burial expenses can relieve your estate of those costs. Buying disability insurance will supply a steady income if you are injured and unable to work.

Power of Attorney & Advance Medical Directive

Single parents may want to designate adult children as agents in power of attorney documents. These papers give agents broad or limited authority to make legal and business decisions for their principal, such as buying, managing, and selling real estate or other assets.

Parents should also have an estate planning lawyer draft an advance medical directive. This document names an adult child or other trustworthy relative to decide medical issues if the parent becomes incapacitated. Such decisions include whether to accept blood transfusions or discontinue life support.

 

Thoughtful estate planning helps single parents provide their children with resources to live their dreams. The dedicated lawyers at Wills and Trusts Hawaii in Honolulu offer wise counsel and meticulous document preparation for parents throughout Oahu and neighbor islands, giving them peace of mind. For a free initial consultation with one of these skilled attorneys, call (808) 792-8777. Learn more about their services on the website.

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