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Estate planning for single parents must include important points

Estate planning for single parents must include important points

Single parents need to be sure their children are taken care of just in case they are left without a living parent. This is done in a variety of ways, such as speaking to family and friends. All the planning can be for naught if you don’t take the time to set up an estate plan.

Your estate plan is here to make your wishes known in a legal manner. One of the most important things that you need to do in this estate plan is to name a guardian. Make sure that this is someone who knows your children and who feels comfortable raising them. Remember, you need to consider personality compatibility and ability. A person who isn’t able to keep up with young children might not be a good person to choose for this task.

On top of naming a person to care for your children, you need to figure out how you can provide financial support for them. This can be accomplished through the will and possibly by trusts, depending on your situation. You can figure out your goals and work toward those in whatever way is prudent for your needs.

Another thing to consider is creating the instructions for what needs to happen with your health care and financial affairs if there is a time when you are unable to make the decisions for yourself. Setting this up now can take some of the stress off of the ones who are trying to care for you. This can help shore up the stability that your children face during this trying time.