Why All Single Moms Should Have a Trust or Will

It’s more important than ever to have an estate plan when you’re a single mother. You have children who rely on you to take care of them. If something happens to you, you need to ensure that you’ve taken all of the necessary steps to protect their rights and interests. A living trust or will is one of the best tools you have to protect your children.

How Does a Living Trust Work?

A living trust is a legal document used to secure your assets in the event of your death. When you have a living trust, your assets are owned by that trust and are not tied up in probate if you were to pass. This does not change how you use or interact with your property during life. This trust becomes the owner of the estate upon death.

The trust is run by someone called a trustee. You appoint that trustee. This person should be a legal entity or trusted person who can skillfully manage your finances and use your assets to take care of your children. Without a trust, your estate would be subject to a lengthy probate process meaning your children may not get the financial attention they need for an extended period.

The Benefits of a Living Trust for Single Moms

You never want a minor to be left without a designated guardian. The court can decide who the guardian becomes, and it can be a complicated process for the family you leave behind, especially if your children end up with someone you would have never intended. 

Furthermore, a trustee can help manage your assets and estate until your children come of age. This spares them the responsibility of making difficult decisions before they are ready. It can also help by limiting the amount of money they receive when they reach the age of 18. You can designate a certain percentage of your estate each month or year, or you can provide financial assistance for college or a first home.

Prevent Additional Stress

If you pass, your family’s wellbeing is most important, and that starts at the emotional level. A living trust ensures that your children’s pets stay with them. A living trust makes sure that your wishes are carried out, preventing legal struggles and additional despair for your loved ones. 

A living trust or will is the most important gift you can give your family as a single mother, so don’t wait to create one.