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Does a Will protect your kids if you're a single parent? Partially. Here are 3 other steps you need.
Does a will protect your kids if you're a single parent? Yes, but only partially. Here are 3 other steps you need to take to protect the kids. Make sure your Will names a guardian in writing and review that regularly. Grandparents run into health troubles. Siblings move away. And relationships change. Make sure the person you trust is still in position to take care of the kids. Recognize that your Will does not control your retirement accounts (IRA, 401k, etc.), your life insurance, or your annuities. Those pass directly to whoever is listed on the beneficiary form, regardless of what your will says. So if you leave money directly to a minor (with no trust in place), the court steps in to manage it until they turn 18. Then your kid gets everything at once. That's not what most parents have in mind. A trust gives you control over how and when the money is distributed, and who manages it on your kids' behalf in the meantime. And be sure all your financial accounts, the property titling, and the insurance coverage actually line up with what the legal documents say. The attorney handles the documents. But you still need to do the work to label all the accounts in the right way. If you're a single parent and you haven't looked at this recently, let's fix that. Link in bio. #EstatePlanning #SingleParent #FinancialPlanning #ProtectYourKids #TrustPlanning #LifeInsurance #HNW
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