Single Parents and Estate Planning
One thing that single parents in Colorado should make a priority is estate planning. Even though the thought of not being around for their kids is not a pleasant one, the idea of having the courts choose someone random to raise their kids is even more distressing. Careful consideration should be given to the distant future so they can make plans to protect their children.
According to ABCNews.com, single parents should make sure that everything they include in their wills and estate planning documents is “clear, up-to-date and specific.” There are some key areas single parents should focus on to ensure that their kids are properly cared for after their deaths.
Name a guardian
Careful consideration is necessary when choosing a guardian to step in to care for one’s kids. Close adult relatives may seem like ideal choices, but single parents should also consider close friends. They should choose several individuals to act as their children’s guardians, states BBVA Compass. These people should be willing to step in and put the kids’ well-being above their own and continue to provide the same or better quality of care they were accustomed to receiving from their birth parents.
Designate powers of attorney
Events can happen that can leave single parents sick and unable to care for themselves and their children. Single parents should choose someone to act as their health care power of attorney to make important medical decisions for their care when they are unable to. The same goes for their finances. They should also designate a financial power of attorney to ensure their finances are taken care of if they become incapacitated and unable to settle them on their own.
Estate planning can help single parents to plan their kids’ future. They should update their plans and review their guardian selections every few years.