While estate planning is a good idea for all adults, it’s especially important for anyone with children. This process ensures your assets are handled according to your wishes after your death. More importantly, should you pass away or become incapacitated and unable to care for your child, it ensures they go to the guardian you’ve designated. Here are some considerations to bear in mind for planning your estate if you’re the only parent.

What Estate Planning Topics Should Single Parents Consider?

1. Designating a Guardian

First and foremost, you should choose a person to care for your child if you’re unable to do so. If the child’s other parent can care for them, guardianship will go to them by default. However, you should still designate a guardian in the event there is no other parent or the other parent cannot act.

Most people use a will to nominate a guardian. Note that if you don’t designate someone, the courts will appoint a guardian on your behalf.

2. Setting Up a Trust

If you pass away or become incapacitated, a revocable living trust allows you to appoint someone who can control your assets. This is particularly important for the distribution of inheritance, as it ensures children or young adults will be given money when they are ready for it.

Establishing a trust can also help your surviving family members avoid probate, a potentially costly and time-consuming court process. Plus, you’ll maintain control over the trust for as long as you’re able to.

3. Identifying a Power of Attorney

Single parents often pay the bills on their own and don’t share bank accounts with anyone. If someone would need to make payments or access your funds on your behalf, a power of attorney would grant them this privilege. You should also designate a health care power of attorney to make decisions about your medical care if you’re incapacitated.

Estate planning is an essential practice for adults of all ages, especially if you’re a single parent. For individuals throughout the Willamette Valley area in Oregon, Stayton Law can assist with will and trust preparations, powers of attorney, and additional aspects of planning your estate. See their full list of services online or call (503) 769-7741 to set up a consultation.