A single parent has many responsibilities, such as caring for their kids full-time, taking them to school, packing their lunch, helping them with homework, doing housework, etc.
One additional duty that single parents have, that many overlook, is estate planning.
As a single parent, you probably have so much on your plate already that you might not think about who’ll take care of your child when you’re not there. Here are a few tips you need to consider when developing an estate plan for your child.
Choose the right guardian
In cases where you pass while your children are still minors and there is another parent, the duty of care passes on to their surviving parent. However, if the other parent is not physically, mentally, or financially capable of taking care of the child, it’s best to name a guardian for them.
Choosing a guardian is the most significant part of your estate plan for your children. They’ll be wholly responsible for your child’s care. They’ll make critical decisions such as where to send your child for education, instill values and beliefs in them, take care of medical care and extracurricular activities, and a lot more.
If you’re thinking of naming your parents as guardians, first consider their age and overall health. If they’re not physically fit enough to take care of your child, it’s best to choose someone your child is comfortable with, such as one of your friends, a close relative, etc.
Before naming someone as guardian, have an open conversation with them to ensure they’re ready to take on such a massive responsibility. It’s also recommended to choose someone whose personal values and parenting style are similar to yours, as this will help your child adjust to a new parental figure.
Get life insurance
For a single parent, life insurance is an affordable way to safeguard children financially. If your child is still a minor, you can create an Irrevocable Life Insurance Trust, which will hold the proceeds until they can be passed to your child.
Create a last will
Creating a will will allow you to dictate how your assets are distributed after your passing. If you don’t have a will, in most states in the US, the state decides who your child’s guardian will be, how your assets will be divided, and among whom.
These legal duties are necessary for all single parents who want to make sure their child is taken care of if they pass. If you want to secure your children’s future, get in touch with us today.
At Kalicki Collier, LLP, our experienced estate planning lawyers in Reno will help you protect your estate and your family. Call us at 775-204-0600 and start building a safer future!