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2 important estate planning considerations for single parents

| Jan 14, 2020 | Estate Planning |

The Omaha region of Nebraska has its share of single parents, each of them dedicated to providing for their children’s current and future needs. A great method of accomplishing this goal is estate planning. However, estate planning for single parents may look a bit different than it does in households with two parents.

Our attorneys have helped all types of families secure their legacies as well as their children’s futures with careful estate planning. From our experience, we have identified two key areas single parents should not overlook. These areas include the following.

Guardianship

Without a second parent to care for the children if you die or become incapacitated, the state may make guardianship decisions on behalf of your kids. However, you can solve this problem ahead of time by making certain you have assigned guardianship of your children in your estate plan. This guardian can be the second parent if he or she is in the picture, or it can be a family member or close friend.

Trust planning

This powerful estate planning tool is critical in families with only one active parent. Creating and funding trusts for your kids gives you the peace of mind that comes with knowing that your children will not struggle financially if something happens to you before they are adults. Your estate planning lawyer can help you create such a trust to put in place for your kids.

Of course, these are just two important considerations single parents must face in their estate planning endeavors. With help from your lawyer, you can address other financial issues that may concern you as a single parent. We urge you to continue exploring our website and our blog if you wish to learn more.