Mountain Home, Arkansas
313 Highway 201 N , Ste. 5
Mountain Home, AR 72653
(870) 425-2460

A Guide to Estate Planning for Single Parents in Arkansas December 14, 2018

Mountain Home, Baxter
A Guide to Estate Planning for Single Parents in Arkansas, Mountain Home, Arkansas

A single parent's top priority is the well-being of their children. If your ability to provide for them was suddenly diminished by death or incapacitation, your kids could be further devastated by the unknown of an uncertain future. Estate planning is an opportunity for single parents to have peace of mind knowing that minor-aged children will be okay after an untimely passing. Single parents can address their concerns by making a few decisions with an estate law attorney for best results.

How Are a Trust & a Will Different?

estate planning In terms of estate planning, a will is a document that directs how assets will be distributed upon death. All property will be subject to probate. Probate is the process of finalizing the validity of the will and its stated beneficiaries. Minor children will be unable to file probate on your behalf, so an administrator will need to be appointed. That person will use your will and their judgment to ensure your final wishes are executed.

On the other hand, a trust gives single parents greater control and flexibility over many decision-making areas. Assets in a trust typically include homes, savings accounts, and retirement funds. In the trust document, you can specify how you want these to be distributed to or managed for your children, extended family, and friends by the successor trustee. Unlike a will, it also describes how to handle end-of-life decision making and guardianship, and assigns power of attorney to someone you trust.

Who Is Responsible for Carrying out Your Wishes?

It's good to have someone you're close to as your trustee or executor. However, choosing someone who is fiscally responsible is an important characteristic, too. The administrator or trustee doesn't need to make all of the decisions—the person you appoint can work with financial planners and estate planning attorneys to make better decisions regarding your children.

 

Get a jump on your estate planning and talk to a lawyer today. The Drake Law Firm PA can help you create a will or trust to meet the needs of your family—their firm has been serving the Baxter County, AR, area for more than 20 years. You can schedule an initial consultation by calling their office at (870) 425-2460 or visiting their website.

Other Announcements, Events and Deals from Estate & Elder Law Planning Center
3 Ways a Medicaid Lawyer Can Help You, Mountain Home, Arkansas
The federal and state governments in the U.S. partner with massive health care corporations to provide financial aid for those struggling to cover their medical costs. Unlike Medicar...read more
3 Tips for Talking to Your Kids About Your Will, Mountain Home, Arkansas
Death is not a topic that parents want to discuss with their kids. However, after writing a final will and testament, it’s important that your children are made aware of how the esta...read more
What to Include in Your Living Will, Mountain Home, Arkansas
Drafting a living will can provide considerable peace of mind for both you and your loved ones. In this legal document, you may state your preferences regarding end-of-life care...read more
A Guide to Guardianship Laws & Requirements in Arkansas, Mountain Home, Arkansas
Guardianship is a legal state wherein one person is given control over another person. In Arkansas, this can only be established through a court order and is only given if the w...read more
3 Times You Need to Revisit Your Will, Mountain Home, Arkansas
Many people assume that estate planning involves little more than putting a will together. However, the process is a little more complicated than that. For thorough estate ...read more