If you’re raising a child on your own, estate planning is essential to ensure your child has a safety net in place should you be unable to care for them. Being a single parent poses unique challenges, but completing this task will give you peace of mind. With the help of an attorney, it won’t be complicated. Read on to learn more about what the process entails.

What to Consider When Estate Planning

Children who are minors will need a guardian to care for them. This should be someone you trust who knows the child, like their other parent or a relative. You also need to choose someone to manage the child’s inheritance. This does not need to be the same person as their guardian.

Estate planning further allows you to name someone to make decisions regarding your monetary affairs if you become incapacitated due to accident or illness. The person with power of financial attorney can do everything from making sure your mortgage is paid to investing on your behalf.

Finally, you can specify your wishes regarding your personal care in case you are severely ill and no longer able to voice an opinion. An “advance health care directive” can contain information like whether you would like to remain on life support and if you want to donate your organs. 

How a Lawyer Eases the Process

An attorney can determine whether a trust or a will is better suited to your needs. Some people prefer a trust because it avoids the probate process that comes with wills, which can delay the distribution of assets. Your lawyer will know how to avoid unnecessary taxes and fees on your estate.

Letting your attorney handle the paperwork also ensures it’s legally binding. You don't want to leave any room for confusion with your estate planning. A lawyer will make sure the documents adhere to state laws, such as having the required number of witness signatures.

Estate planning is a complicated process requiring solid legal advice. Riley Resar & Associates PLL of Lorain, OH, has professional working knowledge you can rely on, backed by nearly 30 years of experience. With a focus on putting client satisfaction first, they believe everyone has the right to a good lawyer, and their affordable rates reflect this. You can learn more about their practice areas online. For an appointment, call (440) 244-5214.