Single fathers are not what society traditionally thinks of when discussing single parents. But many fathers are in fact raising their children alone. Whether they are the sole provider and caregiver or share parenting responsibilities, single dads with young children want to support their children until they are adults and financially independent. All adults need an estate plan – but it’s crucial for single dads.
1. Who Will Take Care Of Your Kids?
Estate planning is planning for the unexpected. No one likes to think of their own death, particularly a young single father raising his family alone. A single father with young children probably has not communicated his preferences on his child’s education, sports participation, religious upbringing and other key parental responsibilities. A will or trust provides a single dad with security and peace of mind, knowing his wishes and goals for his children’s future will be made known to his beneficiaries, family and legal representatives.
2. Guardianship In Case of Death or Incapacitation
The foundation of fatherhood is protecting your children and preparing for them for the unexpected. If something happens to a single dad while he is raising minor children and there is no will or other legal document that states his child custody wishes, the courts are likely to grant custody to the other parent or a relative. In many cases, single fathers do not want their children’s closest biological relatives to have custody of the children. Guardianship papers let a custodial parent choose an estate guardian to take custody of the child and provide appropriate care, manage their finances and inherited money or property.
If a single dad is temporarily incapacitated or unavailable due to illness, extended travel or other reason, a guardianship gives someone the legal authority to care for and make decisions for their child.
3. Protect Your Financial Assets
In the event of your death, your children’s financial security needs to be protected. Your estate plan should identify who will manage any financial or other assets your children will inherit. This could include retirement accounts, insurance policies, social security benefits and other sources of income and financial support.
• FAQs: Should I revise my will during divorce?
Single dads have unique concerns in estate planning. Prepare for the future by contacting an experienced estate planning attorney at Estate & Probate Legal Group in Lombard Illinois at 630-800-0112.