Raising children can be challenging with a partner, but even more so as a single parent. One factor that may be particularly difficult is determining how to ensure your children are cared for if you pass away or are incapacitated. This is where estate planning can help.

A Guide to Estate Planning as a Single Parent 

Distributing Assets

When you pass away without a spouse to inherit your assets, your belongings will be distributed according to a pre-established formula if you don’t have a will to specify your wishes. Typically, children still inherit the majority of assets in this case. However, if you want your kids to have a bigger share or want to distribute certain items to specific individuals, it is essential to create a legal will.

Ensure your kids are designated beneficiaries of your financial accounts. Keep in mind financial assets cannot be paid directly to minor children. Thus, it is best to place these assets in a trust and name a trustee to manage the children’s inheritance until they are of legal age. You can also establish terms of distribution.

Guardianship or Emancipation

Establish who will care for your child if you pass away. If you’re divorced, the court will typically grant guardianship to the child’s other parent, regardless of what your will says.

The judge may make exceptions in cases where the other parent has a history of domestic violence, substance abuse, or instability. If you feel as if they are unfit, it is crucial to include evidence of this in your estate plan. Even if you are comfortable having your ex care for your child, you should legally nominate a guardian in case the other parent can’t fulfill their duties.

Purchase Insurance

Your estate planning attorney may recommend buying a life insurance policy and naming your children as beneficiaries. These proceeds, as well as disability, health, and homeowners insurance policies, do not have to go through probate, meaning children or the trustees can access them quickly.

Also, comprehensive health and disability coverage can provide children with funds if you are alive but incapacitated and unable to work. Insurance policies tend to cost less for younger people, so consider investing in these estate planning tools sooner rather than later.

For professional estate planning guidance in Litchfield County, CT, turn to Debra A. Brown. With expertise in elder law, health care directives, living wills, estate planning, and real estate, she is Torrington’s trusted resource for legal counsel on a range of essential matters. Call (860) 496-7717 to speak with a helpful staff member to schedule a consultation. Or visit the website to learn more about the practice and estate planning services.