As a single parent, it may feel like your life revolves around your child. However, it’s also important to plan for your son or daughter in regards to your passing. If you’ve yet to start the estate planning process, you can prepare for your approach with the following tips.

3 Tips for Estate Planning as a Single Parent

1. Nominating a Guardian

Spousal parents often appoint each other as the child’s next-in-line guardian, but as a single parent, your decision won’t be as quick. You’ll have to think of an individual in your life who can comfortably and compassionately raise your child—such as a sibling, best friend, or cousin. Before you nominate a guardian, chat with the individual in person, to ensure they’re both willing and able to take on this role, if you were to pass away suddenly. You might also want to choose an individual to be second in line, in case the first becomes disabled or passes away before you have a chance to update your estate planning documents.

2. Choose Someone to Head Your Financial Affairs

As a single parent, you probably don’t have anyone else’s name on your assets, such as mortgage loans, lease agreements, and even your credit card accounts. Therefore, the responsibility won’t immediately pass onto someone you trust. That’s why it’s crucial to choose someone to be your financial power of attorney.

This individual should be responsible and trustworthy when it comes to finances, as they will be in charge of your bills, savings, and debts. If your child will remain in the home after you pass, the power of attorney will be integral to keeping the home paid for, the electricity on, and urgent repairs taken care of.

3. Setting Aside Your Child’s Inheritance

Most legal professionals advise assigning another individual to be in charge of your child’s inheritance until they become of legal age to receive it. You can also place the inheritance—as well as any assets you’d like to leave your son or daughter—in a revocable living trust. Inside this legal vehicle, the assets will be safely contained, and can only be accepted by your child according to your wishes.

For example, you may want your child to receive their inheritance once they graduate college or turn 25. This is especially important for single parents, as there may not be another parental figure around to prevent your child from spending their inheritance early on.

If you’re eager to start the estate planning process as a single parent, let Luke A. Weiland, Attorney at Law assist you. This Wisconsin Rapids, WI, lawyer will tackle your case with a personalized strategy, whether you’re planning for the future or navigating the divorce process. For a closer look at his practice areas, visit the website or call (715) 422-6808 to schedule a consultation.