As a single parent, you have a lot to think about. Not only do you need to make sure that your kids are healthy and have what they need, you also need to think about the future. One aspect of this that you might not be familiar with is estate planning.
Your estate plan can help to provide stability for your children if something happens to you. While you might assume that this will only matter if you pass away, a comprehensive estate plan can also help if you become incapacitated.
Here are the ways that your estate plan protects your family:
Financial security for your children
You can take care of the financial matters for the children by setting up a will and trusts. These can pass assets to your children or to the individuals who will care for them in your absence.
You can also ensure that financial accounts have payable-on-death designations set to someone who will help take care of the children’s needs. Their guardian, for example, might be the appropriate person to name.
Physical security through guardianship
The estate plan can allow you to name a guardian for your children. This person should be able to care for the kids and raise them in a similar fashion as you would if you were still alive. Be sure that you choose someone who can keep up with the children, which might be someone closer to your age.
Contingency plans for your needs
If you become incapacitated, your estate plan can give someone the ability to handle your financial affairs. It can also name someone to make medical decisions for you. This allows you to rest assured that your wishes will be followed in an emergency.
Single parents should ensure that they get their estate plans in order as quickly as possible. Ensuring that everything that is legally valid protects your children if the estate plan ever needs to be used.