Estate planning for a solo parent

[Honest_Banana80]

I have a 2 year old ad I would like to ensure that everything is ironed out for my child. I am a solo parent and I would like to be take care of if something happens. So I met up with an estate attorney and got to take a look of they have outlined for me.

The attorney suggested a trust linked to retirement accounts, a pour-over will plus financial and healthcare POAs. Definitely new to all this so any feedback is appreciated!

 

[Thefuture]

It sounds like you're taking all the right steps...trusts, POAs, and a pour-over will are good moves, especially as a solo parent. Did the attorney explain how the trust manages assets as your child grows?

 

[O.kaka]

POAs are good moves, especially with a little one involved, it can feel overwhelming at first, but setting these up now gives you peace of mind that your child's taken care of no matter what. If you want, check how the trust works with your retirement accounts, it could get tricky

 

[Gustavo Fring]

@Honest_Banana80 You're doing the right thing by getting everything lined up early. Make sure to double-check how the trust interacts with your retirement accounts so nothing catches you off guard. But anyway, I agree with @Thefuture. It's true, having the trust guide asset management as your child grows is the best way to go through life. You'll want clarity on how distributions and guardianship tie together.