Being a single parent is immensely rewarding. Your little one looks to you for everything, and you are truly their personal superhero. This also brings additional responsibilities, however. What happens if you experience an accident or illness, and can no longer care for your child? Proper estate planning is the answer. Find out what single parents need to consider.

5 Things Single Parents Must Include in Estate Planning

1. Choose A Guardian

Who will take care of your children if you pass on? If you are divorced, the guardianship will pass to your ex. However, you should legally nominate someone in your will in case the other parent cannot fulfill their duties. 

2. Confirm Your Beneficiary & Trustee

You will likely choose your kid as the beneficiary of your estate, meaning they will inherit your assets. If your child is under 18, however, you also need to choose an adult trustee to manage their inheritance until they reach a specified age. The trustee does not have to be the same person as the guardian. 

3. Make Financial Arrangements for Care

You also need to make monetary arrangements for their day-to-day care; this is usually done in the form of a trust. A typical trust could include funds for healthcare, education, and general maintenance.

4. Consider Your Own Care

When estate planning as a single parent, you also must consider your own needs. In particular, include an advance health care directive, specifying who should make decisions about your medical care if you are unable. 

5. Compile Personal Information

In addition to having an attorney draft up the necessary legal documentation, such as a will and living trust, you should also compile all the personal information someone may need if they have to fill your shoes as a single parent. Create a list of all assets, accounts, and relevant contact persons, such as financial managers or lawyers.

For help with your estate planning needs in the Griswold, CT, area, look to Stuart R. Norman Jr. Thanks to his deep roots in the local community, Attorney Norman provides personalized legal services with true compassion. In his 40 years of experience, he has built a reputation for caring guidance that gives clients peace of mind. Learn more about their estate planning services online. For a consultation, call (860) 376-0069.