Are you a single parent? Have you ever heard of Estate planning? Are you aware of the issues you will have to deliberate upon? In case you don’t, then there is no cause for concern. Because this article right here answers it all. A quick fact for you:
Did you know that here in Australia, in September 2019, 1 million single-parent families constituted 12.8% of the total families, and single mothers sustained 74%?
54.8% had kids below 16 years of age of these single-parent families, recording an increase of 13.6% since 2012.
Pay attention! Because if you happen to be a single parent in Brisbane or anywhere across the continent, it is of utmost importance that your will lawyers in Brisbane and their planning matters are spick and span. The reason being when only one parent, i.e. a single parent, is involved, few issues necessitate extra care and attention.
In case you are a single parent, given below are four really important questions you should never ignore:
● Will up to the minute?
Your Will must display any significant personal instances or changes in relationships in your life to make sure you are not placing your children’s endowment at risk.
Now, this gains all the weight if you are looking for a divorce, re-partnering or parting with a de facto partner. Big shifts like these are capable of impacting your decisions big time.
After you pass on, to ensure that all your properties are managed lawfully, an executor is required to be appointed. For the executor to operate legally, your Will is a must.
Up until the point when your children have turned into adults, your executor can be instructed to hold your children’s share of your estate in trust for their health, education, sustenance and backing as against allotting your property immediately after your death.
● An Apt Guardian
Parents, especially the single ones who are writing their Will, carry a lot of worries in their hearts concerning the allotment of an individual to play the role of a guardian for their kids.
A custodian is accountable for your children’s routine care, well-being, and growth if they have not turned 18 yet. What this encompasses is which religion will the kids adhere to? Which college will they attend? Where will they reside? What hobbies will they develop? So on and so forth.
For children who fall into the minor category, their guardian will act as their parent unless, of course, other plans have been put in place for the due course of action.
● Is divorced Spouse Alive?
If your divorced spouse is around after you pass on, then both your former spouse and your appointed guardian will collaboratively parent the children.
A wise parent would have dialogues with their separated spouse regarding the child’s custody. A recurring allotment in the Wills will do away with any ambiguity in the divorced spouse after you pass.
● Choice Of Custodian
It may be helpful to have an open and honest conversation with the person before choosing someone to serve as guardian for your minor children to ensure that they will accept the responsibility.
A Memorandum of Wishes which highlights any particular factor and guidelines can be included in the estate plan by the parents, which they want their guardian to take into consideration when bringing up their children.
Time to talk to your Will Lawyers in Brisbane today!
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