Single mothers work hard to protect and care for their children. Whether they are the sole provider and caregiver or share parenting responsibilities, single moms with young children need to support their children until they are adults and financially independent. Women have more to lose if they are financially unprepared for the future – and in particular, women with minor children. All women need an estate plan – but it’s crucial for single parents, and single moms need an estate plan more than most women or men.
1. Guardianship In Case of Death or Incapacitation
The foundation of motherhood is preparing your children for life, and for the unexpected. If something happens to a single mom while she is still caring for her minor children and there is no will or another document specifying child custody wishes, the courts are likely to grant custody to the other parent. In many cases, single mothers do not want their children’s other biological or legal parent to have custody of the children.
2. 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.
3. Communicate Your Child Rearing Preferences
Estate planning is planning for the unexpected. A single mother with very young children probably has goals for her children’s future, but likely has not communicated those preferences on their child’s education, sports participation, religious upbringing and other key parental responsibilities. A will or trust provides a single mom with security and peace of mind, knowing their wishes and goals for her children’s future will be made known to her beneficiaries, family and legal representatives.
Learn More: Estate Planning Tips for Women
Single mothers have unique concerns in estate planning – and due to longer lifespans and lower earning power, women have more to lose if they are financially unprepared. Prepare for the future by contacting an experienced estate planning attorney at Estate & Probate Legal Group in Lombard Illinois at 630-800-0112.