By Mei Ling Lin
As a single parent, have you think about an estate plan for yourself and your children? Many of you might think, “Why do I need to have estate plan? I only have little saving in the bank account and low monthly salary can spend on my children and myself, or my children are still young, I will plan it for them later. ”
However, to have estate plan is a good idea to protect your and your children’s future lives, when some unexpected things happen to you. Because if without the estate plan, and you don’t have any former spouse or your spouse dead, then when you unexpected pass away, there is nobody could help you to take care of your children.
In addition, estate plan can help you to ensure that your estate would transfer to your children and they can have money to support their future live if you pass away. It is not difficult to start your estate planning even you just have little amount of saving or low salary.
There are some steps guide can help you to make your first estate plan. The first step is to ensure your current custody and guardianship agreements and all associated court orders of all children are filed with a governing body. Then second step is you need to decide who will care for your children in the event of your death.
Third step is you need to assess your assets and decide who will get what, and also, you need to plan for your estate’s financial needs. Fourth step is you need to take steps to ensure your children’s economic standard of life is affected as little as possible. In addition, you need to start a rainy-day fund to increase your wealth. Last step is you need to meet with legal counsel to establish a plan and file documents and keep a back-up somewhere safe.
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