All people have their own concerns when it comes to estate planning. This is why individualizing an estate administration plan is important for anybody looking to plan for the uncertainty of the future, whether in Maryland or in any other jurisdiction. Much of how an estate is planned depends upon individual circumstances. For instance, single parents typically have estate planning goals consistent with their own specific types of concerns.
Many single parents mistakenly believe that they have nothing to worry about and assume that the assets in their estate will be automatically passed straight to their children. However, this is not necessarily the case, and failing to create an estate plan may cause serious legal problems for a single parent’s children. Without drafting the proper legal documents to address how one’s estate should be distributed, the assets could go to a former spouse or even to the government.
For instance, a single parent will need to specify in his or her estate planning documents how an individual retirement account should be distributed. Moreover, beneficiary designations for all accounts should be periodically reviewed and updated as necessary. Some single parents may only want a child who does not earn as much money as a sibling to receive funds from retirement accounts.
There are a variety of other aspects and potential issues which single parents should consider as well when creating a plan for estate administration in Maryland. However, once a single parent has figured out appropriate estate planning goals, the plan will need to be implemented. This will require properly drafting the required legal documents to fulfill these goals while also minimizing chances of the documents being challenged in probate court.
Source: insurancenewsnet.com, “Investing in You: Single? Estate planning is crucial”, Erin E. Arvedlund, Nov. 1, 2014