Should Single Parents Have an Estate Plan?

 Posted on January 08, 2024 in Estate Planning

Estate planning is often associated with married couples and those who are wealthy. However, single parents who are solely responsible for their children’s well-being should also prioritize estate planning. As a parent, you likely care deeply about your child’s future. Estate planning is a phenomenal way to proactively plan for the future and the various unknowns that come with it. To get the process started, contact an estate planning attorney. As your legal representative, they will ensure that you utilize the estate planning tools that are most beneficial to your situation.

Setting Up Guardianship of Minor Children

For single parents, one of the most critical aspects of estate planning is determining who will care for their minor children in the event of their untimely death or incapacity. By designating a guardian in their estate plan, single parents can ensure that their children will be cared for by someone they trust and who shares their values and beliefs.

Providing Financial Security for their Children

Estate planning is also an excellent way for single parents to establish financial security for their children. A single parent can ensure their assets, including life insurance proceeds, savings, and investments, are managed and distributed accordingly through the creation of a trust or designation of beneficiaries. This financial security can help provide for the child’s education, healthcare, and overall well-being.

Healthcare Determinations

In the event of a medical emergency, single parents may not be able to make healthcare decisions for themselves. By creating a healthcare power of attorney or a living will, they can appoint a trusted person to make medical decisions. This ensures that their children’s best interests are protected, and their healthcare preferences are respected.

Avoiding Probate for Your Children’s Sake

Without proper estate planning, a single parent’s assets may be subject to probate, a lengthy and costly legal process. By establishing a trust, single parents transfer their assets to the trust, allowing for a smoother and more efficient distribution of assets to their children. This can help minimize the financial burden and emotional stress on their loved ones.

Contact Our Lombard, IL, Estate Planning Lawyer Today

Single parents face unique obstacles and responsibilities in ensuring the well-being and security of their children. Estate planning is a crucial tool that allows single parents to make important decisions regarding guardianship, financial security, healthcare, and the distribution of assets. Contact the skilled DuPage County, IL, estate planning attorneys with A. Traub & Associates to meet your legal objectives. Call 630-426-0196 for a private consultation.