Hyden, Miron & Foster, PLLC Law Blog

Sunday, March 20, 2022

Unique Estate Planning Considerations for Single Parents

Single parents have a lot on their plates, to say the least. Oftentimes, a single parent is the sole provider for their children. This includes both financial support as well as being the sole caregiver. When all of these responsibilities rest squarely on your shoulder, it can be a lot of pressure to make sure that everyone continues to have their needs met. The thought of sudden illness, incapacitation, or death may cause you an overwhelming amount of anxiety, but there is peace of mind to be gained from confronting and preparing for these possibilities. Through a comprehensive estate plan, you can put protections in place that can help ensure your children continue to have the caregiving and financial support they need to thrive no matter what happens in the future. Here are some of the unique estate planning considerations that single parents should take to heart.

Unique Estate Planning Considerations for Single Parents

As a single parent, planning for contingencies probably takes up a lot of your time and mental space. Children and their needs can be varied and preparation can be key to making your everyday routines run smoothly. Estate planning may fall low on your to-do list most of the time, but now is when you should be moving it right to the top. It is too important to put off. Think of the important contingency plans you can memorialize in your estate plan.

For starters, you can select a guardian for your children should you become incapacitated or pass away. Without this selection and without another parent in the picture, this decision will be left to the courts. By selecting a guardian and putting that selection in your estate planning documents, you have been empowered to choose the guardian you want for your children. You get the chance to reflect on who shares your parenting philosophies and who would take good care of your children. You get the chance to talk with your guardian selection about the possibility of them stepping into this important role. You may be surprised by the peace of mind that can come with having this decision put into your estate plans.

You can also plan for financially supporting your children in the event that you become incapacitated or die. A trust, for instance, might be a valuable estate planning tool to put in place. You can transfer assets into the trust and have them managed by a trustee for the benefit of your children. You can specify how and under what circumstances distributions from the trust can be made to your children. This means that you can provide specifically tailored financial support for your children.

You can also use the estate planning process for reflecting on any benefits you may or may not have in place that could help support you or your children should you become disabled, incapacitated, or pass away. For instance, do you have life insurance? Should you have more life insurance? Additionally, do you have disability insurance? If you are the sole provider for your family, you should absolutely consider disability insurance which can provide critical financial support in the event that you should become disabled and unable to work.

Estate Planning Attorneys

These are just some of the many unique considerations single parents should keep in mind as they put vital protections for themselves and their families in place through estate planning. The dedicated team of estate planning attorneys at Hyden, Miron & Foster will be here for you every step of the planning process. Contact us today.

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