Estate planning for single people is an essential process to protecting families.
If you’re single in Nevada, estate planning is critical. It will help ensure your kids get cared for if something happens to you.
There are some important things to think about when planning your estate.
We will explain those considerations in this post.
Choose a Guardian for Your Children
Do you have children under the age of 18?
Choosing a guardian is a crucial step when making a plan for your estate.
A guardian is someone who will take care of your children if you are no longer able to do so.
Pick someone who:
- agrees with your beliefs,
- is financially secure,
- and can give them a safe and loving house.
Consider a Trust for Your Children's Inheritance
It’s a good idea to create a trust for your children, so their inheritance is safe.
A trust is a way to keep your money and property safe and ensure your children use it after you’re gone.
You can appoint a trustee to manage the trust and distribute the assets to your children as they age.
Review Your Life Insurance Policy
If you have life insurance, review your policy to ensure current beneficiary designations.
It would help if you thought about having your trust as the beneficiary for your life insurance. That way, when you die, the money will stay in a trust for your children to use.
Create a Durable Power of Attorney and Healthcare Directive
If you are a single parent, it would be wise to make plans if something happens to you. If you can’t make your own decisions, you can permit someone else to do them.
These papers ensure that your kids are cared for, and your wishes are followed if you can’t make decisions.
Keep Your Estate Plan Updated
Finally, it’s essential to keep your estate plan up to date.
Your estate plan should be updated regularly to ensure it still fits your life.
Things like changes in money, having a baby, or getting divorced can mean you need to update your plan.
Consider Tax Implications
Estate planning for single people in Nevada includes thinking about taxes.
In Nevada, there is no state inheritance or estate tax. But, a federal estate tax may apply if your estate is worth more than a certain amount.
An estate planning lawyer can help you understand what taxes you have to pay and show you ways to pay less.
Nominate a Trustee for Your Children's Trust
Suppose you decide to set up a trust for your children’s inheritance. In that case, nominating a trustee to manage the trust is essential.
Choose someone you can trust to manage your children’s money. A bank or trust company may be a good option for this.
Communicate with Your Children
It’s important to tell your kids about your plans for their future in case something happens to you.
Talk to them according to their age, and include them in this conversation.
Review Your Beneficiary Designations
When you want to pass money on to someone after you die, let them know by adding them as a beneficiary to your:
- life insurance,
- and investment accounts.
Check if these designations must be updated, so your kids get what you want them to have.
Consider a Special Needs Trust
Consider setting up a special needs trust if you have a child with special needs.
It can help you meet your child’s needs without taking away government benefits.
A lawyer can help create a trust for your child that’s right for them.
It’s important for single parents in Nevada to plan for the future by creating an estate plan.
This way, their children will be cared for if anything happens.
By choosing a guardian for your children and:
- considering a trust for their inheritance,
- reviewing your life insurance policy,
- creating a durable power of attorney and healthcare directive,
- and keeping your estate plan up to date,
- you can help ensure your children’s needs get met.
Talking to an estate planning attorney who knows much about estate planning is a good idea.
The lawyer will help you plan what to do with your belongings after you die in a way that fits your situation.
If you’re single and have children, then estate planning is an essential factor to consider.
The Rosenblum Allen Law Firm in Nevada can make it easier for you to plan for the future.
From estates to trusts, we offer guidance and services tailored to your needs.
We can help you create a plan covering everything necessary so that you and your family feel secure.
Don’t wait until unexpected events occur to start making a plan.
As a single parent in Nevada, you must take care of your children financially and legally.
Take charge of your situation today and get helpful legal advice from The Rosenblum Allen Law Firm.
Call us today at (702) 433-2889 and start putting together the best plan for you and your family’s future.