If you’re a single parent, it can be challenging to think about what might happen to your child should you unexpectedly pass away. Fortunately, you can prepare for this possibility by working with a lawyer to put together an estate plan. Below are three key elements all single parents should include.

What Single Parents Should Cover in Their Estate Plan

1. Guardianship

In your will, you can designate a guardian to legally assume care for your child should you pass away. If you don’t include this provision in your estate plan, guardianship will be decided by the court and could be awarded to someone you are not close with, such as your child’s other parent or a blood relative you have not spoken to in years.

To avoid leaving this critical issue up to chance, have your lawyer name a guardian in your will.

2. Power of Attorney

As the person responsible for meeting your child’s financial needs, you should have a plan for how they will be taken care of if you pass away or become incapacitated.

You can do this by having your lawyer create a financial power of attorney, which gives you the opportunity to appoint a trusted individual to oversee your finances and make important decisions that are in the best interest of your child. 

3. Beneficiary Designations

Life insurance, retirement funds, and other financial accounts cannot be paid out to minor children that are listed as beneficiaries. To ensure your children have access to these accounts in the event of your death, have them placed in a trust instead and name a trustee to manage the inheritance until your children are of legal age.

For more tips on estate planning as a single parent, get in touch with Morrow, Gordon & Byrd, Ltd. in Newark, OH. With more than 80 years of experience, this talented team of lawyers will help ensure your children are provided for should tragedy strike. They also have expertise in a range of other practice areas, including estate planning, tax law, real estate law, and more. Visit their website to learn about the team and call (740) 345-9611 to schedule a consultation today.