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Are You A Single Parent With A Young Child And No Will? What To Know

10 August 2016 by Jo Rodriquez

If you haven't created a will in your lifetime and you have a child that doesn't have another parent in their life, it's imperative that you sit down with a wills and trusts attorney. You want to know that your child isn't going to become a child of the state and that one of your family members won't have to fight with the courts to get custody.

You also want to make sure that you have everything in line financially to help care for your child if something does happen. Life insurance is something that should be considered, along with wills and trusts. Talk with a lawyer about the following things.

Guardian Candidates

Deciding who will become the guardian of your child is one of the most important decisions you will ever make. Here are a few of the things you'll have to take into consideration when picking someone to care for your child if something happens to you:

• Who has the same morals and religious values
• What person can afford to take on the responsibility of your child
• Is there someone that your child already feels close and comfortable with

These are the three main factors that you have to evaluate, along with the location of the person, their connection with your family, and their age.

Money Management

You don't want to worry about the person that gets custody of your child using the money you leave behind irresponsibly. Talk with the lawyer about having them, or an accountant, manage the trust you leave behind. They can do this until the child is a certain age, and they can send checks to the guardian each month from a separate account.

Estate Details

Not only will the lawyer help you set in stone what you're going to do with your child, but they'll also help you iron out the details of your estate. This means determining what you would like to happen with all assets like a house or car, all pensions, 401k plans or other financial investments.

If you currently have a child and you are the only person that they have in life to rely on, and you are their own parent, you want to get everything in line. Talk with a lawyer like Donald B Linsky & Associate Pa to determine who your child's guardian will be and to set up a will and trust for your assets.

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