Estate Planning for the Newly Divorced Single Parent
There are almost 175,000 families headed by a single parent in Minnesota, and over 10 million nationwide. Many of these single-parent households are a result of a divorce, and most of these households are headed by a single mother.
There are many issues that newly single parents must face, but one that is too often overlooked is proper estate planning. While having a will or trust in place is important for all families, a single parent faces unique challenges when creating an estate plan.
Creating a New Estate Plan After Divorce
While, by law, a divorce will revoke any provisions in favor of your ex-spouse, there are many issues a divorcee must consider when creating a new will or trust:
- Executor, personal representative, or trustee. A single parent will need to find somebody new to manage their estate. This person should be someone they trust, such as a parent or other close family member or friend.
- Health care power of attorney. This person is designated to make important medical decisions for you if you become incapacitated.
- Beneficiaries. It is important to update the beneficiaries of not just your will but also your life insurance policies, investments, and retirement accounts.
- Trusts. Your beneficiaries are your minor children, and trusts can be created so that a trustee can manage their inheritance until they come of age.
- Guardianship. In some situations, there is a need to choose guardians for minor children, such as when the ex-spouse would not be willing, fit, or able to assume custody.
- Life insurance. Often, the divorce decree will require that one or both spouses maintain existing life insurance policies that keep the ex-spouse and children as named beneficiaries.
Schedule a Consultation with Our Experienced Attorneys
At Bowden Cyr, PLLC, we examine your entire situation to identify the type of estate plan that is right for you. As experienced family law attorneys and skilled estate planning lawyers, we know the importance of creating a new estate plan that is in line with both the realities of the present and your hopes for the future. Schedule your consultation by calling our office at 612-254-6409. You may also contact us online.