Estate Planning for Single Mothers

As moms, our to-do lists seem to constantly grow and we have little time in between taking care of our children and everyone else around us to get to any of the tasks that are “for us.” If estate planning has been on your to-do list and it keeps getting pushed to the bottom because you think it’s “for you,” I encourage you to read this post and reconsider. Estate planning, especially for single moms, is an important part of our motherhood “duty.”

Last Will and Testaments for Single Moms

One of the quickest ways to ensure your minor children are taken care of in the event of your death is to execute a last will and testament. While your child(ren) are generally the ones to inherit any of your assets through 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. If your children are minors, you will need to make specific provisions to ensure someone you trust will manage the assets for your children.

Trusts for Single Moms

As indicated above, a revocable living trust can be very beneficial to a single mom. 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.

To that end, you can designate a “pre-need guardian” for your minor children. This will help ensure that if the other natural parent is unable to care for your minor children upon your death, someone you trust will be able to step in and care for your children.

Power of Attorney for Single Moms

Another important estate planning document for single moms 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. This can be helpful in the event you become incapacitated, as it will allow that trusted individual to access your bank account and continue to provide financial support to your minor children.

Jacksonville Estate Planning Attorney

The above list is not exhaustive, but it highlights some of the reasons single moms 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.