FAQ Friday: Levels of Planning Part 2
On Friday, May 20th, at 11am EST, Mr. Berger describes the levels of estate planning for a single person with minor children.
Very similar planning as with a couple, but much more important since there isn’t a spouse to step in your shoes should you pass while the child is a minor.
Having people named as a guardian and trustee is key. Even if your child has another parent (such as an ex-spouse), it’s important to name back-up options.
Naming an agent for financial and medical affairs is also helpful, because due to law if your children are adults they would all equally need to make decisions.
There is an inheritance tax that your beneficiaries will be subject to. If you have a home, it will be subject to probate. Your Will can direct how those proceedings go.
Sometimes it can be easier when there is only one child so there isn’t any issues of “fairness”.
Submit your question
Bring your questions about estate planning and administration to our weekly Facebook Live with Mr. Berger on Fridays at 11am EST. Leave your email if you’d like to receive a notification of our response.