For single parents in Georgia, estate planning involves important decisions that can have a huge impact on the future of a child. These decisions are based on a variety of factors that include both the capabilities and the limitations of offspring, and they consider things like schooling, living arrangements, friendships, and financial stability. A solid estate plan creates a situation where a child can seamlessly transition into a new life after the death of their single parent.
Single parents who work to build a healthy and supportive community for their children so that they can thrive independently show that they are truly committed to their children’s future. One way to do this is to ensure that a positive relationship remains with the non-custodial parent if they are still in the picture. They are likely to become the guardian after a death, so ensuring they are in a position to create a good life is important.
An estate plan is a legal tool that’s designed to complement the supportive environment built around the child of a single parent. A plan should include a trust and a trustee that will serve as a conduit for assets between the deceased parent’s estate and the child. The trust can also determine who has the right to visit the child, who can make major decisions in the child’s life, and determine who may be alternate guardians.
Single parents who are looking to create trusts for one or more children might benefit from consulting with an estate planning attorney. A lawyer may be able to help their client establish goals for a trust and draft the necessary documents to ensure it’s carried out in the event of their death. If priorities or circumstances change, an attorney might also help amend a trust.