Estate Planning for Single Parents

While estate planning is important for all families, it is especially important for single parents.  There are many possibilities to consider that may be less of a concern for two-parent households.  “A single parent needs to think about who should raise the children in the event of death or disability.  They also should consider who will manage the assets in the estate after the parent is gone.”

For single parents, setting up a trust may be an effective way to ensure that the children are cared for in the manner the parent prefers and that the assets are managed appropriately.  Single parents may also need to ask themselves questions such as: how much money will be needed to allow the child to maintain their lifestyle and pay for college; how should the children be raised and the assets be managed; and who should serve as the power of attorney?

“Timely preparation can give a single parent the comfort of knowing the support and resources the children need for a comfortable lifestyle have been planned and provided.”

See Estate Planning is Especially Important for Single Parents, Market Watch, Oct. 27, 2014.

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.