Jacksonville Estate Planning For Single Parents

Jacksonville Estate Planning For Single Parents

One of the best aspects of Jacksonville estate planning is that every plan can be tailored to a person’s life and specific needs.  In Jacksonville, Estate planning is important for every person, but it is even more important when you are a single parent because estate planning can directly benefit minor children.

There are several issues that single parents need to consider with their Jacksonville estate planning attorneys.  These are some of the common issues that single parents should consider.

One of the first issues a single parent should consider is insurance.  Are you insured and what type of insurance do you have?  Insurance is important because many single parents want to make sure their children are taken care of in the case something were to happen to the parent.  Good insurance can make all the difference in someone’s life.

Another important issue is who will make your healthcare decisions in the unfortunate event the single parent were to become incapacitated.  When this happens it is important the client has power of attorney documents that determines who is eligible to step in on the client’s behalf if the client becomes unable to make decisions for his or herself.

Of course, many single parents could benefit from a will or a trust as well.  These are documents that tell a court or a trustee how to distribute a person’s assets after they pass away.  A trust is a great tool because it allows a person’s assets to pass outside of probate.  Probate is the process where a court distributes assets to beneficiaries, pays off debts, and accounts for all of the property within the estate.

The probate process can be quite strict, and depending on the size of the estate or other complexities, it can take quite a long time to fully probate an estate.  A trust allows a trustee to distribute the estate by similar guidelines, but unlike the courts, can administer the estate and go through the process in a much quicker manner.

Another good idea is to think about guardianship of children if the children are not adults.  If you as a single parent and were to pass away while the children are minors, the children will need a guardian.  A guardian can be chosen in advance through a will or part of a Jacksonville estate plan.  These documents permit the single parent peace of mind to know who will take care of his or her children if something were to happen to them and permit the parent to plan for financial protection.  The last thing a single parent would want is for their child to receive a large sum of money at the age of 18 without any restrictions or guidance.

For more information on how to plan your Jacksonville estate as a single parent contact the Jacksonville estate planning attorneys at The Law Office of David M. Goldman PLLC today at 904-685-1200.

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