What Happens to Your Kids if Something Happens to You?
As a single parent, you carry the weight of the world on your shoulders. Every decision you make directly impacts your child’s future. But what happens if you’re no longer there to make those decisions? Who will care for your children, and who will manage the assets you leave behind? These are tough questions, but estate planning can provide the answers and peace of mind you need.
Why Estate Planning is Critical for Single Parents
Single parents often have limited time and resources, making the task of planning for the future feel overwhelming. However, estate planning is even more crucial when you’re the sole decision-maker in your child’s life. Without a clear plan, your child’s future could be uncertain or even fall into the hands of someone who may not have their best interests at heart.
Choosing a Guardian: Who Will Raise Your Child?
One of the most important decisions you’ll make in your estate plan is naming a guardian for your child. This is the person who will step in to raise your child if you pass away or become incapacitated. If the other biological parent is involved, the situation can become more complicated.
- If the Other Parent Has Custody: In most cases, if you share custody, the surviving parent will take over full custody of the child. This is standard practice, regardless of who had primary custody.
- If the Other Parent Doesn’t Have Custody or Legal Rights: If the other parent has no legal custody or has lost parental rights, you’ll need to name a guardian and an alternate guardian in your will. This ensures that someone you trust will care for your child, even if the other parent is still alive but unable or unwilling to take on the responsibility.
Managing Your Child’s Inheritance: Conservator vs. Trustee
Equally important is deciding who will manage the assets you leave behind for your child. You have the right to choose someone who will act in the best interests of your child, regardless of whether the other parent is still living.
- Conservator: This is a court-appointed person responsible for managing any assets left outside of a trust or any income your child receives. The conservator can be the same person as the guardian but doesn’t have to be.
- Trustee: For many single parents, the best practice is to establish a trust to manage the property and assets left for your child. A trust allows you to set specific guidelines for how and when the assets should be used, such as for education, healthcare, and general support. A trustee will manage the trust according to your wishes.
Take Action: Secure Your Child’s Future Today
Estate planning is not just about protecting your assets; it’s about ensuring your child’s well-being and future. Consulting with an experienced estate planning attorney can help you navigate these difficult decisions and create a plan tailored to your unique situation. As a single parent, you can’t afford to leave these decisions to chance. Book a call with Vick Law, P.C. today for a FREE consultation.
Reference: The News-Enterprise (July 5, 2024) “Single parents must be deliberate in estate planning”
