When you became a parent, many of your goals in life may have shifted. You knew that you would need to ensure that your child had the support and guidance needed to get through life as well as possible, and you always want to be there to provide those things. However, you may not have anticipated doing so as a single parent.
Whatever the reason for your single parenthood, you still want to be the best parent possible for your child. Part of that desire may include ensuring that your child will still receive support, guidance and care, even if you are not able to provide them yourself. As a result, you are looking into your estate planning options.
A wise step
Creating an estate plan is a wise step for any adult and any parent, whether two parents or only one is involved. Having a plan can be especially important while your child is still a minor because you do not want his or her care going to just anyone in the event of your untimely demise or sudden incapacitation. Fortunately, your estate plan could allow you to name a guardian to care for your child and put other individuals in charge of handling financial matters.
Consider a trust
One planning tool that could prove immensely useful to you as a single parent is a trust. Because your child cannot inherit your remaining assets as a minor, you could arrange for your assets to pass into the trust. As part of the trust, you can create instructions that dictate when your child can access the assets, what they could use them for and how the trustee should manage the trust until your child can inherit the assets.
When it comes to choosing a trustee, you should consider someone who is willing to manage your child’s affairs, who is trustworthy and possibly who has some financial know-how. These traits could better ensure that your child does not fall victim to an unscrupulous person who steals from the trust or someone who may not know how to handle the assets in the best manner possible.
Other options to consider
Of course, your estate planning could also include other important documents and information that contribute to ensuring that your child’s well-being does not fall to the wayside. If you feel the time has come to get your affairs in order, you may want to contact a Louisiana estate planning attorney to review your options.