While estate planning is essential for adults of all ages and backgrounds, it’s especially important for single parents. If you’re no longer able to care for your children, the arrangements you’ve made will ensure they have the guardian of your choice. The planning process involves several vital decisions that two-parent households don’t have to make. Here are a few elements of an estate plan that require unique consideration for single parents.

A Guide to Estate Planning for Single Parents 

Incapacitation 

If you become incapacitated due to a sudden injury or illness, you need to have a plan in place to protect yourself and your children. A power of attorney and advanced health care directive are legal documents that give someone you trust the authority to make financial and medical decisions on your behalf. Some forms also allow you to appoint an individual to make certain decisions for your children.

Guardianship of Minor Children

When one parent passes away in a two-parent household, the children will automatically be taken care of by the surviving parent. Unfortunately, in single-parent households, guardianship can be a complicated issue. If your children have another parent that’s an active part of their life, it’s likely the courts will award them custody regardless of what your will says. Although, if the other parent has previously been deemed unfit or has shown an unwillingness to fulfill their responsibilities towards the children, it’s crucial to include evidence of this in your estate planning documents. You should also make it clear who you want to become their guardian.  

Beneficiary Designations 

Without a spouse to inherit your assets, you’ll want to make sure your children are the designated beneficiaries of your financial accounts, life insurance policy, retirement accounts, and pension. These assets aren’t required to pass through probate; however, they can’t be paid directly to minor children. As such, it’s often best to place assets in a trust and name a trustee to manage your children’s inheritance until they’re of legal age. You can also leave instructions on how the assets are to be distributed. 

If you want to make sure your children are set up for a secure future, turn to John E. Bach Attorney at Law in Goshen, NY, for help getting your affairs in order. With more than 30 years of experience, he understands the challenges single parents face when estate planning and will help you create a plan that’s suitable for your situation. Attorney Bach is dedicated to providing residents throughout Orange County with personalized and compassionate legal services. Call (845) 294-7941 to schedule a consultation, or visit his website for more information on how he can help establish an estate plan.