As a single parent, it is your job to make sure you have prepared your estate for when you die. Death is quite unexpected, so the sooner you can formulate your estate plan, the better. If you do not create a plan, then the state of Ohio will step in and do it for you upon your death. You certainly do not want that to happen. Worse yet, your estate could end up in probate, meaning your finances cannot be touched until the court is finished, which could be bad for your family.
Your best bet is to get your estate in order now. According to the Huffington Post, you need to create several legal documents that will set up your estate plans. It can help to begin with a will. A will can outline many of your wishes. It can designate a guardian for your children and clarify where your assets will go. If you have minor children, you should also consider setting up a trust. You put money into the trust for the care of your children. It can also be set up so the children cannot touch the money until they reach a certain age. A trust can help ensure your money is not misused.
You should also create a power of attorney. This is helpful if something happens to incapacitate you. It will designate a person you trust who will handle your finances if you are not able to. This is great for ensuring your bank accounts and other financial accounts are still accessible. This information is only intended to educate and should not be interpreted as legal advice.
