Las Vegas Estate Planning as a Single Parent
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Estate Planning in Las Vegas as a Single Parent

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Estate Planning in Las Vegas as a Single Parent

Being a single parent is tough, especially when you are trying to juggle a full-time job and other responsibilities. With so much on your plate, the last thing you may want to do is worry about how your estate will be managed following your death. After all, death for most of us feels like quite a long way away, so why not kick the can down the road for as long as possible?

The truth is that death almost never comes when we expect it. Having your assets that should rightfully go to helping raise your children instead tied up in legal limbo is hardly a legacy you want to bequeath to them. Avoid the mistake of adding that particular traumatic experience on top of your tragic death by arranging in advance for your estate to be managed.

Filling out the proper documentation is the only way to ensure that not only will inheritances be carried out according to your wishes, but that your children will have a capable legal guardian to raise them into adulthood. Here are some of the legal documents you will need drafted and appropriately filed by a LasLas Vegas Estate Planning for Single Parents Vegas probate attorney in order for your children and benefactors to receive everything they deserve:

Last Will and Testament

Naturally, the most important document you must have for estate planning is a will. This document should outline all of your current and anticipated future assets along with how they will be bequeathed to your intended benefactors.

Revocable Living Trust

Even though you have laid out all of your property distribution in your will, the probate court is still responsible for administering the process in most cases. A revocable living trust names an administrator who can act on your behalf to execute the will, potentially avoiding probate court. Since probate is usually an excruciatingly long and drawn out process, skipping its oversight can be a boon to your beneficiaries.

A living trust can also determine how the will is going to be executed, and it leaves certain levels of discretion up to the administrator. That way, a 19-year-old child who would normally inherit a huge chunk of your assets can have the amount doled out as an allowance or restricted to certain uses like education or house payments until they are mature enough for the total amount.

Advanced Directive

Also known as a “living will,” an advanced directive is an instruction to physicians regarding end-of-life care should you enter a severely impaired state. This document can ensure that your children will not have to endure someone else making health decisions on your behalf that may or may not be according to your wishes.

Financial Power of Attorney

Designating power of attorney grants easier access to things like bank accounts, mortgage balances and utilities. Without this document, severe delays can result in shut off utilities or mortgage foreclosures. You can designate power of attorney to a genuine Las Vegas probate attorney or someone else like a trusted relative.

Beneficiary Forms

Life insurance benefits or retirement account access may be delayed indefinitely even if these items were discussed in your will. Make sure beneficiary forms are updated to prevent this setback. Also ensure that you have a designated trust administrator to handle these accounts in case your child is still a minor when you happen to pass on.

Nomination of Guardian

If the your children’s other parent is incapable of raising them or you wish to have a secondary guardian to assist with aspects of raising the child — such as having someone to take them to doctor’s appointments or sign release forms — this document will establish these wishes.

Personal Instructions and Information

In addition to all of these legal documents, you will need a less formal statement that reveals account numbers, passwords and the location of other assets, such as grandma’s heirloom ring hidden in the music box on the mantle. You can also list information regarding people who should be contacted following your death, including family members, financial planners and your Las Vegas estate planning attorney.

These documents are by no means a comprehensive way to ensure that your estate will be distributed according to your ideal wishes. Working closely with a probate lawyer in Las Vegas can be the only sure way to have all your financial and legal obligations fulfilled so that your estate will be carried out properly in order to help your child grow up in a comfortable and nurturing environment.

Learn more about estate planning in Las Vegas by clicking on the preceding link.

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