Estate Planning for Single Dads

Single dads tend to have never-ending to do lists often filled with myriad work, personal, and fatherhood tasks. If estate planning has been on your to-do list and it keeps getting pushed to the bottom, I encourage you to read this post and reconsider. All fathers, especially single dads, need to contemplate their estate plan as part of their “fatherhood” duties.

Last Will and Testaments for Single Dads

A last will and testament is a critical component of the single dad estate plan. While your child(ren) are typically the ones that will inherit your assets under Florida law, if you do not have a will (or as discussed below, a trust) in place, this can be more complicated than you may think. For example, if your children are minors, you will need to make specific provisions to ensure your assets will be managed for the benefit of your children.

Trusts for Single Dads

As mentioned above, a revocable living trust can be a necessary part of an estate plan for a single dad. Generally, a living trust is executed in addition to a will. You place some or all of your assets into the trust and upon your death, a successor trustee can come in to manage the trust assets. This will ensure that your children (or whomever you choose as beneficiary) are entitled to the benefits of the trust.

By executing (and fully funding!) a revocable living trust as part of your estate plan, you can avoid the delay that often happens with probate. This will help reduce (or altogether eliminate) the gap in access to resources for your minor children.

Naming a Guardian for Your Children

Upon your death, if the other natural parent of your child(ren) is alive and able, they will generally become the sole custodian of your minor children. However, unforeseen circumstances can happen, and the other natural parent may prematurely die, become incapacitated, or otherwise become unable to care for your children. In that case, they will be unable to care for your children and there may not be a clear choice for who should step in as guardian.

Therefore, to ensure the continuity of care for your children, you can designate a “pre-need guardian” for your minor children.

Power of Attorney for Single Dads

Another important estate planning document for single dads is the durable power of attorney. A durable power of attorney authorizes a trusted friend or family member to act on your behalf with respect to financial matters. You will want to select a trusted family member or friend to act as power of attorney as they will be allowed access to your bank account to continue to provide financial support to your minor children in the event of your incapacity.

Jacksonville Estate Planning Attorney

The above list is not exhaustive, but it highlights some of the reasons single dads need to consider estate planning. If you are in Florida and are interested in discussing whether a will is right for you, contact us today. If you are ready to get started on your Florida estate plan, you can do so here.