Estate planning can seem like such a daunting, confusing task that some people decide that it just isn’t worth it. That can be a serious mistake, especially for single parents in Pennsylvania. As a recent news article noted, having an estate plan in place is crucial for single parents – there are just too many risks for these parents if they don’t have an estate plan.
For example, the recent news article emphasized the importance of naming a guardian for minor children – this is a major goal for single parents who are crafting a comprehensive estate plan. Parents want to know that their children will be taken care of in the event of death before the children are adults.
An estate plan can chart a path for financial security for minor children even in their parent’s absence and can name a guardian of the parent’s choice who will raise the children in a way that places a priority on the parent’s preferences.
The financial aspect of estate planning is the other major part of the approach to estate planning for single parents. Life insurance, for example, can be part of the approach, particularly if the single parent doesn’t have much in the way of other valuable assets.
As the recent news article pointed out, life insurance policies can be designated to pay out to a trust to benefit the minor children – thereby setting up a financial safety net that could last throughout the childhood of the minor children in question.
Know your needs
As a single parent, you know your needs better than anyone else. If you take that knowledge into the estate planning process, evaluate your options and make sound decisions, you will likely be setup quite well for any eventualities the future might throw your family’s way.