Why All Single Parents Need an Estate Plan

For single parents in Summit who have minor children, it is especially important to have an estate plan in place so that you can have the certainty that your kids will have the care and support they need in the event that you are not here to provide it. There are different ways in which a single parent can plan ahead to make sure that there is a trustworthy person to serve as a guardian for your minor children, and to be certain that the guardian will have access to financial support for your minor children. You can also take steps to ensure that you have the ability to help your child with college finances and financial issues into adulthood even if you are not physically here to do so.

What are the primary components that a New Jersey single parent should have in their estate plan? Our Summit estate planning lawyers can provide you with a general overview below, and we can speak with you today about your specific estate planning needs.

Designating a Guardian for Your Minor Children in Your Will 

Nobody wants to think about the possibility of passing away unexpectedly, but it can happen and is a particularly important consideration for single parents with minor children. If the unexpected were to happen, you will want to know that a person or people you trust will be the ones caring for your children. You can designate a guardian, or co-guardians, in your will. While creating a will is a way to leave assets to loved ones, it is also a way to identify a guardian who can care for your minor children.

It is important to discuss guardianship with the party or parties you are designating in your will. You may designate a single guardian, or you can designate co-guardians, such as a married couple you know. Under New Jersey law, designated guardians — in the event of your death — will then need to file a petition with the Surrogate’s Court to become the legal guardian of your child. While the court will have the authority to name the legal guardian based on your child’s best interests, your preferences will be heavily weighted by the court.

Designate Beneficiaries to Provide Financial Support for Your Children 

On life insurance policies and various accounts, you can designate the guardian of your choosing as a beneficiary who can provide financial support for your children. Depending on the age of your child or children, you may be able to identify one or more of your kids as direct beneficiaries.

Establish a Trust 

Depending on your circumstances, you may want to establish a trust and name either your children or a guardian as beneficiaries who can receive assets from the trust. By creating a trust, you can ensure that your children have the financial support they need while they are minors, and you can also continue to provide them with financial support into adulthood.

Contact a Summit Estate Planning Attorney 

Are you a single parent with minor children in the Summit area? It is critical to begin working with an estate planning lawyer as soon as possible to ensure that your minor children have the care and financial support they need in the event of the unexpected. One of the experienced New Jersey estate planning attorneys at Dempsey, Dempsey & Sheehan can talk with you today about your particular circumstances, and based on your circumstances, we can begin working with you on critical estate planning documents. Contact us today for more information.

Sources:

law.justia.com/codes/new-jersey/title-3b/

njcourts.gov/attorneys/rules-of-court