Estate Planning for Stay-at-Home Parents

Don't Overlook the Value of Stay-at-Home Parents

When crafting an estate plan, it's easy to focus on the financial contributions of the house the spouse that works outside the home while overlooking the immense value provided by a stay-at-home parent (SAHP). This oversight can lead to significant challenges if the unexpected happens. Without proper planning, families may face emotional and financial turmoil, struggling to replace the essential roles and duties that the stay-at-home parent fulfilled.

What You Can Do to Solve It

To prevent this scenario, it's crucial to include comprehensive estate planning for both parents. This involves securing life insurance for the SAHP, just as you would for the working parent. Consider the costs of childcare, housekeeping, cooking, and other daily tasks that the stay-at-home parent manages. Additionally, if the children are homeschooled, determine how their education will be handled in the absence of the SAHP. Proper planning ensures these needs are met without burdening the surviving spouse with insurmountable tasks during a period of grief.

How Vick Law, P.C. Can Help

At Vick Law, P.C., we specialize in estate planning that recognizes and addresses the unique needs of families with a stay-at-home parent. Our team understands the critical roles these parents play and the importance of planning for their possible absence. We help you:

• Secure appropriate life insurance for both parents, ensuring financial stability.
• Draft essential estate planning documents, including wills and revocable trusts, to protect your children and ensure their care and education.
• Designate guardians and trustees to manage your children’s upbringing and financial needs if both parents are incapacitated or deceased.
• Ensure your children are not disinherited if the surviving spouse remarries.

Call to Action

Don't leave your family's future to chance. Protect what matters most with a comprehensive estate plan. Contact Vick Law, P.C. today to schedule a consultation and ensure that your family's needs are met, no matter what life brings. Let us help you create a plan that provides peace of mind and security for your loved ones.

Reference: The News Enterprise (May 25, 2024) “Stay-at-home parents must be deliberate about estate plans”