Estate Planning Documents A Single Parent Requires

If you are a single parent, it is important to go for estate planning so that you have the right documents to make sure that all your wishes are completed and your children do not face any issues after you pass away. For this, you can get help from the best lawyers in Michigan who have the right expertise in this field. So, what are the documents you require? Let’s find out about them.

Will

The first document you need is a will that helps determine how your assets should be distributed when you pass away. If you are a single parent, you need to assign a guardian who will take care of your children in case you pass away. You should choose someone that you completely rely on. You can also share how you want the assets to be used for your children.

Trust

If you are a single parent you must create a trust. It will help make sure that the assets are used for the future requirements of your children. You can also choose a trustee who will manage the assets for your children. This will help ensure financial stability. You can also decide the conditions for asset distribution and can ensure that the funds are used efficiently for the right things such as education or medical needs.

Power of attorney

With a power of attorney, you can provide someone the ability to make financial and legal decisions for you if you become incapacitated. So, you must choose someone who you can completely trust as your power of attorney. They will take care of your finances and will also ensure that your children are safe at all times in case you face any unwanted situations. An estate planning attorney Michigan can guide you with it.

Guardianship

Along with the bill, you should also create a document for the Guardianship of your children that specifically mentions who will be the guardian of your children in case of your absence.This document will be highly useful in making sure who will get the custody and responsibility in case you are not able to take care of your children or pass away.

About Castle Wealth Group Legal:

Castle Wealth Group Legal is one of the most reputable legal firms that you can contact if you are looking for Ann Arbor elder law experts. This legal firm can provide you with the best experience when you are searching for elder law help.

To go for estate planning, visit https://michiganestateplanning.com/

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