As a single parent, you must consider the welfare of your children in the present as well as the future. Should something happen to you, it’s essential you have a plan in place to ensure your children are properly cared for. Crafting an estate plan will provide you with added peace of mind while securing the care of your children if you become incapacitated or pass on suddenly. Below, Colchester, CT attorney Gilbert P. Kaback, Attorney at Law, offers several key estate planning tips for single parents.

5 Estate Planning Tips for Single Parents

Hire an Attorney

Meet with an estate planning attorney to discuss your goals and wishes. They will provide you with valuable information about estate planning documents and recommend options best suited to your individual needs.

Select a Guardian

When a married parent dies, custody of the children usually remains with the surviving spouse. When a single parent dies, however, the matter of custody can be far more complex, especially in situations where the other parent has passed on previously or is otherwise unavailable to give adequate care. Designating a guardian provides you with a voice in deciding who will care for your children in your absence. If you do not name a guardian, this decision will be left to the courts.

Establish a Trust

Similar to a will, a trust provides you with the ability to control how and when your estate with be distributed to your children. When establishing a trust, you must also designate a trustee—an individual who will manage and oversee the trust in your absence.

Get Insured

If you pass on suddenly, you’ll want to know your children are protected from financial hardship. A life insurance policy can support your children during this difficult time while ensuring their educational, medical, and basic living expenses are covered in the future.

Assign a Power of Attorney

A power of attorney is an individual entrusted to manage your financial affairs—including your bank accounts, mortgage, and bills—should you be unable to do so. This will help ensure your children have a home and are not negatively affected by debt or other financial obligations.

If you require the aid of a seasoned estate planning lawyer, contact Gilbert P. Kaback, Attorney at Law. Serving the Colchester community for over 22 years, attorney Kaback provides expert legal counsel across a variety of practice areas, including estate planning, probate, family, and criminal defense law. Visit his practice online or call (860) 537-0874 to schedule a consultation.