For single parents, estate planning is one of the most important things you can do for your children. Creating a comprehensive estate plan ensures your children will be taken care of when you aren’t there to care for them anymore, and it gives you peace of mind. No one likes to think about what will happen if tragedy should strike, or if you’re diagnosed with an illness, and we all have a tendency to delay taking care of important matters like estate planning. We recommend planning your estate now, and for single parents there are certain questions to keep in mind:
- If something happens to you, who will raise your children until they become adults? Some people nominate their children’s other parent, some people choose their brother or sister, and some people nominate close family friends. Whoever you choose to be their guardian will be responsible for their care until they are legal adults, so it’s definitely not a decision to make lightly.
- Will your life insurance provide for your children if something happens to you? Being able to provide financially for your children is often a parent’s single biggest concern. Life insurance is an affordable way to ensure your kids are taken care of after your passing, but it’s important to note that children cannot receive money from a life insurance policy. Talk to an estate planning attorney about setting up a trust to provide for your children’s living expenses.
- What happens if you remarry and become a blended family? Although blended families are very common, remarrying means you’ll need to make some important decisions about who will care for your kids if something happens to you, asset allocation, and more. An estate planning attorney will be able to give you objective advice, and will help you create the best plan for your family.
Don’t delay your estate planning
We understand that single parents have extra responsibilities, extra worries, and extra considerations to think about regarding their children’s futures. An estate planning attorney can help you create a plan that ensures your children will be safe, well-taken care of, and provided for financially once you’re gone. Think of your estate plan as your life jacket – you’d never get on a boat without one, so why would you go through life without an estate plan?
For more information about estate planning, including Last Will and Testament and Power of Attorney, or if you have any questions, please contact SCC Legal today. Discover why so many people in New Jersey have chosen us as their trusted estate planning attorneys. We look forward to hearing from you.