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What to Know About Estate Planning as a Single Parent October 31, 2018

Central Whidbey Island, Island
What to Know About Estate Planning as a Single Parent, Central Whidbey Island, Washington

When it comes to responsibilities, single parents have their hands full. One aspect they shouldn’t neglect is estate planning and writing a will is a good start. Here are reasons why single moms and dads should take time to work with an attorney on creating estate plans.  

Why Single Parents Need Wills & Estate Plans

1. Parents Use Wills to Create Child Guardianships 

Wills are the way single parents in Washington can designate guardians for their minor children. The guardianship is called a testamentary guardianship because the court finalizes it after you pass away. Parents who pass away without naming guardians leave it to the state to do it. 

If the other parent is alive when you pass away, the court will ask the other parent to take care of the child, unless there is evidence that the parent is unfit or poses a danger to the child. Family law and wills attorneys help parents include language in their wills to protect their children.

2. Insurance Policies Help Support Children

wills-Coupeville-WAEstate planning includes purchasing life, disability, and health insurance. If you become unable to work due to illness or injury, or pass away, your insurance benefits provide financial support that your family needs.  

3. Trusts Protect Your Assets for You & the Children

Working with your attorney, you can create trusts for your insurance policies, financial accounts, and other assets. Trusts protect assets from creditors and make it easier to pass the property to your children when you pass away. If you have children with special needs, you should create a special needs trust to protect their rights to government benefits without penalty. You can incorporate a trust in your will and name a trustee to manage the assets until your children reach maturity.

 

When you are ready to draft your will and take other estate planning steps, seek counsel from McPherson & McPherson Attorneys At Law. Serving Island County from her Coupeville, WA, office, local wills and family law attorney Molly McPherson provides wise and affordable legal counsel. With her compassionate approach, she makes you feel comfortable about making important legal decisions about your family and finances. Find out more about her wills and estate planning practice online. To make your appointment, call (360) 678-4407.

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