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Estate Planning: Crucial for Single Moms and Dads

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Estate PlanningEstate planning is ideal for everyone, but it is more vital for single parents. After all, their children won’t have a second parent to rely on for financial support and care if they suddenly get incapacitated or passed away.

If you’re a single mom or dad, here are the estate planning steps you can follow:

  1. Make a list of assets. You need to disclose your assets to your estate planning lawyer so that a list would come in handy. The estate attorney can help you decide on how you will distribute your property in the future.
  2. Choose a guardian for your children, as well as your property. Be it in the form of a trust or a will, designating a person who will take care of your children and assets is essential.
  3. Meet with an estate attorney. McCullough & Sparks, an estate planning lawyer in Utah, says it is crucial to have the help of a professional when dealing with will, trust, power of attorney, and other legal estate-related matters. So, it would be best if you have a reliable estate lawyer by your side throughout the entire planning process.
  4. Meet with a financial planner. Apart from an attorney, you’ll need the assistance of a financial planner. This professional will guide you on your beneficiary designations, from IRAs and 401Ks to life insurance policies.
  5. Make necessary adjustments. If you still don’t have a life insurance, then consider purchasing one. In case you already have one, you may want to increase the death benefits. Also, get legal advice on naming your minor children as the beneficiaries of your insurance policies. This way, you can ensure that the proceeds will be used appropriately to support your kids in the future.

Raising your kids on your own is difficult. For sure, you can’t imagine them living on their own once the inevitable happened to you. But at least, with a proper estate planning, you can ensure that your children will be taken care of after you’re gone.

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