Single parents shoulder enormous responsibilities, paying the bills, preparing meals, and taking care of everything else on their own. If something were to happen to you, who will look after your children and make important decisions on your behalf? If you’re raising your kids alone, there are several important elements to consider for the future, from wills and probate to powers of attorney. Here’s what you need to know. 

What Single Parents Should Know About Wills & Probate

How Wills Impact Probate 

Everyone over the age of 18 should prepare a will, but for single parents, the situation is much more urgent. In Connecticut and many other states, your children will receive your entire estate, but the probate court will choose to manage their assets, and may not select someone you trust. Preparing a will allows you to choose someone to manage their finances until they come of age, protecting them from financial abuse by unscrupulous parties.

How Trusts Help

A living trust is an attractive option for single parents, especially if you have significant assets. These vehicles allow you to maintain control over your child’s inheritance and appoint someone to manage those assets, so they continue to grow over time. Wills also bypass the probate process, which can be expensive and time-consuming. By thinking about wills and probate in advance, you’ll help protect your little one’s future.  

Why Nominate a Guardian

If the other parent is still alive and fit to raise children, your kids will probably go with them, regardless of your wishes. However, if they’ve passed away, had their rights terminated, or are unfit to parent, you may nominate a guardian to care for your children after you’re gone.

How to Choose Powers of Attorney

A power of attorney is a crucial part of any estate plan, empowering someone else to make important decisions if you’re incapacitated by an injury or illness. These documents also give someone you trust the ability to handle your finances and ensure your children are cared for. 

With over 50 years of experience handling wills and probate, Renzullo & Associates Law in Winsted, CT, proudly serves clients throughout the state. They understand how complex estate planning can be, especially for single parents, and will provide customized solutions to ensure the ones you love are protected. Visit their website for more on their will and probate services, or call (860) 379-9885 to arrange a consultation today.