Single parents will face different issues than married parents or people without children as they create their estate plan. This is true both when children are little and when kids grow up. When single parents create an estate plan, they will need to determine who should get custody of their children if something happens to them and the other parent is not involved in the child’s life.
They will also need to consider providing financially for their children in case something happens to them. Once children grow, single parents need to determine how to avoid estate tax when transferring a larger estate to them, and parents need to decide if they want their children to make medical choices and manage assets in case of the parent’s incapacity or if they would prefer to make alternative incapacity plans.