Lombard, IL Estate Planning Lawyers for Single Parents

Knowledgeable Attorneys Assisting Clients to Establish Wills, Trusts, and Guardianship in Lombard, Illinois

As a single parent, you have a lot on your plate. Managing your household and providing for your family's needs is a full-time job on its own, and you will understandably be focused on handling day-to-day concerns. However, you will also want to consider what might happen in the future, including making plans to provide for your children if the unthinkable happens. By taking the time to create an estate plan, you can ensure that your family will be prepared for whatever may come.

At A. Traub & Associates, our estate planning attorneys can help you understand the steps you can take to protect your family's future. We will explain your options and prepare the necessary documentation, giving you the peace of mind you need.

Estate Planning Concerns for Single Parents

Your will is one of the most important and foundational elements of your estate plan. It will describe your last wishes regarding how matters should be handled after you die, including how the assets you own will be passed to your children or other beneficiaries.

Perhaps more importantly, you can also name the person you would like to serve as your children's guardian in the event of your death. Depending on the other parent's level of involvement in your children's lives, they may be able to assume custody, but by nominating a guardian, you can ensure that your children will have someone to provide the care they need if the other parent will not be able to take on this responsibility.

There are several other steps you can take to make sure your children will be provided for in the event of your death. If you have a life insurance policy or savings in a retirement account, you can name your children as beneficiaries, ensuring that these assets will pass on to them.

You may also want to create a trust to protect certain assets and provide instructions for how they should be used to meet your children's needs. If you use a revocable living trust, you will be able to maintain control of your assets, and if you die or become incapacitated, your successor trustee can distribute the assets according to your instructions. You could use these assets to provide for your children's ongoing needs or pay for their college education, or assets could be distributed to children after they reach adulthood.

Addressing Medical Issues

One other area of concern you may need to address as a single parent is what will happen if you become ill, disabled, or incapacitated. If you are solely responsible for your family's finances, your incapacitation could lead to problems. Your loved ones may be unable to access your accounts, pay your bills, and ensure that your children's needs will be met. You can avoid this by creating a power of attorney for property that names a person who is authorized to handle financial matters on your behalf when you are incapable of doing so.

You can also create a power of attorney for healthcare to name someone who is allowed to make medical decisions on your behalf, or a living will can specify what types of treatments you want to receive if you are terminally ill. These documents can help your family members avoid emotional anguish and uncertainty when determining how to carry out your wishes.

Contact Our Lombard Estate Planning Attorneys

As a parent, you will want to make sure your children are provided for, no matter what happens. At A. Traub & Associates, our lawyers can help you address your concerns and create a comprehensive estate plan that will meet your family's needs. Contact our office today at 630-426-0196 to begin the estate planning process. We provide legal help to clients in DuPage, Cook, Will, and Kane Counties from our offices in Arlington Heights and Lombard.