Galloway and Collens, PLLC
248-284-1990
248-284-1990
We are here for you during the COVID-19 emergency.
Please call 248-284-1990 to reach our receptionist or fill out the contact page of our website and we will be in touch.

An estate plan is a necessity for Michigan single parents

Being a parent inherently means there are countless decisions and considerations that must be made with the best interest of the children in mind. When a parent is raising children alone, the need for a comprehensive estate plan is imperative, as the fate of children may hang in the balance if a parent dies. Any Michigan single parent who does not have an estate plan may want to create one and include the following documents and provisions.

Single parents need to think about who will raise their children in the case of their death. Appointing a guardian may be the most important estate-planning decision a single parent may ever make. If the other parent is a fit and stable parent, that person will get custody. However, a single parent should always make a provision for an additional guardian in case that parent were to be unfit at any given time or deceased at the time a guardian is needed.

Another vital part of an estate plan for a single parent is a trust. Minor children can't provide for themselves and can't simply inherent a large sum of money or assets to use as a means of providing for themselves. A trusted person can allot funds for care and education, among other needs. A power of attorney will grant someone the power to pay bills and care for a child's immediate needs if a single parent were to become incapacitated.

The unique needs of a single parent may be quite different from those of a two-parent household. Single parents in Michigan may worry about the future, as a lot may rest solely on their shoulders. Having a legal and comprehensive estate plan in place long before it is ever needed is one very important way for the single parent to ensure that wishes are abided by and children are cared for at the time of an incident and in the future.

Source: The Huffington Post, "Estate Planning and the Single Parent", Alexandra Smyser, Jan. 16, 2015

No Comments

Leave a comment
Comment Information
  • Sterling
  • dbusiness - Top Lawyers
  • SuperLawyers 2019
  • Rainbow Image
  • Senior & Caregiver
  • ICLE Contributor
Email Us For A Response

Contact Our Metro Detroit Attorneys

Our law firm is ready to help. Contact the real estate and estate planning attorneys at Galloway and Collens, PLLC, by calling 248-284-1990.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

This site uses Google's Invisible reCAPTCHA, which is subject to Google's Privacy Policy and Terms of Use.

26075 Woodward Avenue Suite 200 Huntington Woods, MI 48070-1341 Phone: 248-284-1990 Fax: 248-545-2520 Huntington Woods Law Office Map