Single Parents and the Importance of Estate Planning
One of the most important aspects of estate planning is protecting your children in the event of an untimely death. Estate planning is particularly important for single parents; single parents have a lot of added responsibilities and higher stakes compared to a dual-parent family.
As a single parent, it is even more imperative to prepare a will and select a guardian. In a two-parent home, if one parent dies, the children are more likely to remain in their home with the surviving parent but what happens in a single-parent family?
- It is difficult to think about this situation, but it is so important to be prepared, no one wants a child’s future to be left at the mercy of the court or involved with squabbling relatives or an estranged ex. Sadly the fear of dealing with an estate plan puts children in a vulnerable situation.
Considerations for Preparing a Single Parent’s Will
- The most important decision you need to make is choosing a guardian for your child.
Where will your child live and with whom? Do they need to change schools, neighborhoods, even countries?
- As expats living in Mexico, will your family/guardian be able to move the child to their country? What are the legal aspects of relocating a child to another country?
- Regarding the trust, make sure there are sound instructions to ensure your wishes and expectations for your kids and guardian are followed.
- Who will control the trust and at what age can the child have access to their inheritance?
- Who is involved in your child’s life? Include details about who is authorized to have visitation with the minor. Is there an estranged parent or ex-partner? Consider whether visitation with this person is permitted or if it is preferable not to allow visitation, make sure your family and guardian are prepared to advocate for your wishes and what is best for the child.
- List people in your life who are permitted to advise or consent on significant decisions such as education, healthcare, and finances.
Do not delay creating a will, it is a difficult topic but imagine your children are suddenly without you and not only dealing with the pain of loss but their fear of where they go from here. Contact us now for advice about wills and estate planning.
During September and October, MexLaw is offering will preparation for foreigners in Mexico at a discounted price of only $250 USD (regular price $450).