Single parents have various challenges when it comes to creating an estate plan. In most cases, one single goal of the parents is to provide the best care for their children. The process might be overwhelming and require a lot of effort, but it is worth it in the end.
There are special considerations that go into the estate planning of single parents. You should ask a few essential questions to yourself when developing an estate plan. For further help, contact a Reno Estate Planning Attorney today.
Questions to ask yourself when creating an estate plan
- Who will raise my children if I die before they can fend for themselves?
This is one of the biggest concerns of single parents in Reno. If your child’s other parent is capable of raising children, you do not have a problem. However, you might need to choose a guardian if they are not.
Choosing a guardian for your children can be one of the most difficult decisions of your life. This person will be responsible for making every decision of your child’s life, including education, medical care, religious upbringing, and place of residence.
You must choose someone willing to act in your child’s best interests by ignoring their own. To understand what “best interests” means in this context, speak to an attorney.
- How will my children be provided for in my absence?
Suppose you have already found a good guardian for your children; congratulations. However, your problems do not end there. The Guardian won’t be responsible for your child’s big expenses, such as medical, education, etc. Speak to an attorney to make the important financial considerations and discuss trust planning to make sure your children receive the best care.
- What happens if I remarry?
Estate planning for blended families has never been easy. It is difficult to decide whether to give everything to the new spouse or carve out a portion for your children. Complexities are added when you reproduce children with your new spouse. While you must love your new spouse, it is essential to consider your children’s needs from the previous marriage.
- How will my children be cared for if I become disabled?
Death should not be the only consideration when it comes to estate planning. A person can become disabled when they grow old and lose the ability to take care of their children and make decisions. An attorney can help you point out these matters in the planning process and offer options that will work for your specific situation.