Many people think that estate planning happens when people are older and approaching their golden years. However, a single parent has a different situation compared to a two-parent household. Today’s blog from Davidson Law Group discusses special considerations in estate planning for single parents.
Children Are Your Priority
You’re a devoted parent who works hard, and you want to make sure your children have what they need, no matter what. This includes taking care of them in the event you are unable to do so before they are ready to be on their own and legally independent. Estate planning for a single parent becomes vital for a worst-case scenario, even though that’s the last thing on your mind.
What happens if you remarry or marry someone other than your children’s biological parent? Does your spouse have parental rights? Your estate plan becomes more complicated if you and your spouse have children together or your spouse also has children from a previous relationship.
If you die without naming a guardian for your children, the state must find the appropriate person. Don’t leave this up to chance. Name a suitable guardian as part of your estate planning process. This is someone you trust and who your kids trust.
A guardian would make all medical and legal decisions for your children until they are able to take care of themselves on their own. Think of one of your siblings, a parent, or even a grandparent. You have to consider all of the details. Who would take your kids to school? Who could feed them three meals a day? What is the financial plan?
Does a life insurance policy adequately cover the costs of your children’s care? Do you have any child support payments that might come into play? Perform a cost analysis to determine how much money your children would receive in the event of your sudden death. Financial benefits are especially important to estate planning when it comes to children who don’t have jobs yet.
Related Post: Estate Attorney: Choosing a Life Insurance Policy