Estate Planning For Single Parents

Estate planning allows you to put down in words what you want to happen after your death. It will be invaluable for those that you leave behind and make things much easier for them when they are sorting out your affairs. This will include letting them know where you have stored your Will so they have easy access to it in due course. If you’re a single parent, planning your estate and making a Will could be one of the most important things you do when planning for your children’s future. Without a Will, you will have no control over who will look after your children in the event of your death. Additionally, you will also have no say on what they will inherit from your estate or who would look after their inheritance until they’re old enough to receive it. In this article, estate planning for single parents, we take a look at these issues in more depth and describe the mechanism involved.

Free Initial Telephone Discussion

For a free initial discussion on how we can help you plan your estate and create your Will, get in touch with us today. We will review your situation and discuss the options open to you in a clear and approachable manner. Early expert legal assistance can help ensure your final wishes are accurately recorded and also avoid the stress of dealing with these issues on your own. Simply call us on 0345 901 0445 or complete our online enquiry form and a member of the team will get back to you.

What are the main points to consider?

1. As a single parent, you must give serious consideration to planning your estate. If support from the other parent is limited or non-existent for whatever reason, it is crucial that you leave instructions regarding the wellbeing of your children in the event of your death or incapacity.
2. Every parent wants the very best for their children. As a single parent, the challenges of bringing up children on your own can be especially daunting. You will have your own way of educating and bringing them up. If you have sole custody an important factor to consider is who should take on this responsibility in the event of your death. In certain circumstances, the other parent may be in a position to take over the responsibility but in many cases, this isn’t possible and you will need to consider alternatives. Consequently, it is important to include in your Will the name or names of the people you would like to act as guardians to your children. You should, if possible, name back up guardians if the circumstances of your chosen guardians change. Remember to let your chosen guardians know you have named them in your Will in case they have any objections.
3. In the event of your death, custody of your children may pass to your ex-partner. This is an important point to consider so seeking legal advice is very important in order to discuss the options open to you.
4. If your child or children are under 18 years of age, you will need to consider who will be responsible for looking after their inheritance until they are old enough to receive it. This raises another question; what age would you want your children to receive their inheritance? The person overseeing this, the Trustee, will ensure your wishes are met. There are other responsibilities of a Trustee that can include paying some form of allowance to your children. Details of your Trustee should be included in your Will.
5. If you become disabled or incapacitated, the lives of your children will be severely affected if you have not signed a power of attorney. If you are unable to communicate, pay your bills, and manage your other finances, your family or friends would have to go to court to sort out your affairs. This may well not be what you want.

What happens if you are still married?

If you don’t have a Will and you are technically still married to your ex although you are separated, upon your death your ex will automatically be entitled to inherit from you. It is vital, therefore, that you have a Will setting out your intentions clearly.

Is there a recognised standard for writing a will?

In theory, you can write your will on the back of an envelope. However, as it is a legally binding document it must meet certain criteria. It needs to be witnessed and signed by two independent adults and dated. These witnesses cannot inherit anything from your will or benefit from your Will in any way (although they can act as executors). Your Will should also name your executors, who are authorised to gather in your assets and divide them up according to your instructions. This process is known as probate. As long as the executor is not a witness, they can be a beneficiary of the Will.

How we can help

We have a proven track-record of helping clients plan their estates and draft their Wills. This includes relatively straightforward estates but also complex estates where assets are held all over the world. We will guide you through all the necessary legal due diligence in a comprehensive and timely manner. We firmly believe that with the right solicitors by your side, the entire process will seem more manageable and far less daunting.

How to Contact our Wills and Probate Solicitors

It is important for you to be well informed about the issues and possible implications of planning your estate and writing your Will, even more so as a single parent. However, expert legal support is crucial in terms of ensuring your final wishes are met as you would want them to be.

To speak to our Wills and Probate solicitors today, simply call us on 0345 901 0445, or allow a member of the team to get back to you by filling in our online enquiry form. We are well known across the country and can assist wherever you are based. We also have offices based in Cheshire and London.

Authored by Ben Posted in News, Private Client Tagged as