The estate planning process is different for everyone. If you’re a single parent, your arrangements might require special attention to ensure your assets go to the correct people. Here’s what you should know about planning for all eventualities when you’re raising kids on your own.

A Guide to Estate Planning for Single Parents

1. Designate Guardianship 

If something were to happen to you while your children are still minors, they would need someone to take care of them. While it can be unsettling to entertain such a thought, you should consider this scenario carefully as a sole caregiver. 

You can name a guardian for your children in your will. This ensures they go to the party of your choosing instead of leaving the decision up to a judge. Make sure to discuss this choice with the designated person so they’re aware of the responsibility. 

2. Manage Inheritances 

If you pass while your children are still relatively young — though not necessarily minors — they may not know how to spend their inheritances wisely. To ensure the funds are put to good use, consider creating revocable living trusts.

These arrangements will allow you to give a reliable third party the authority to manage the funds so your children can only use them for approved expenditures. As an added benefit, assets that are transferred to a trust don’t have to pass through probate, so your children can gain access to them right away. 

3. Get Organized 

As a single parent, your estate plan should include documents detailing all of your personal information, from bank accounts to insurance carriers. Such logs will make it easier for others to step in and fill your shoes while the arrangements get sorted for your children. 

For help implementing or modifying estate planning arrangements, turn to Ronald D. Zipp, Attorney at Law. This general practice lawyer counsels clients at his office in New Braunfels, TX. For more than 40 years, he has practiced estate planning, family law, criminal defense, and civil litigation. To request a consultation, get in touch through his website or call (830) 629-5600.