Many people put off the process of estate planning because they believe they are too young, too healthy or not quite wealthy enough to justify the effort. In reality, this is an important step for many adults in New York, especially those who may be raising children by themselves. There are important estate planning and administration matters to consider for single parents.
No parent wants to think about what will happen in the event that he or she passes away, but it is prudent to have plans in place. Through certain estate planning steps, such as drafting a trust, a parent can ensure that his or her children have what they need well into the future. A trust can set assets aside and protect them, ensuring these assets are only used for their intended purpose, as outlined in the trust.
A parent can also take steps to name a person to care for his or her children and identify people who can help make important decisions for the child. Through these steps, a parent can create a network of supportive and caring individuals, as well as financial provisions, that will ensure the child’s interests are secure for years to come. This is an act of love, and every single New York parent should consider what steps he or she may need to take.
It is not always easy to know where to begin with this process. It may be useful to begin the process with a complete evaluation of the case with an attorney experienced in estate planning and administration. This can help a parent understand how he or she should move forward and what protections are needed to benefit his or her child.