Reasons Why an Illinois Single Parent Should Have an Estate Plan

 Posted on August 17,2024 in Estate Planning

There is a misconception that the only people who need to have an estate plan in place are those who are older or have significant assets. The truth is that every adult should speak with an Illinois estate planning lawyer to ensure their family will be protected should something happen to them.

One common group of people that A. Traub & Associates helps with estate plans is single parents. Many of our clients are going through divorces and child custody issues and seek out the legal help of our family lawyers. However, our estate planning attorneys know that it is especially important for single parents to have an estate plan in place to protect their minor children.

Do I Need to Choose a Guardian?

If your child’s other parent is active in their life, either through shared custody or frequent parenting time, then the likely outcome should something happen to you is that your child will be with the other parent full-time.

There are situations, however, where it would not be in the child’s best interest for that to happen, including:

• The court has ordered supervised visitation or otherwise deemed the parent unfit.

• The other parent has chosen to be absent from the child’s life.

• The other parent has provided no financial support for the child.

In these situations, it is important to have legal, written instructions regarding who you want to be your child’s guardian. This is usually done in a will.

If your child’s other parent has passed away, it is also important to have a designated guardian named in writing.

How Can I Financially Protect My Child?

There are a number of financial estate planning tools you can use to ensure that whatever assets you have will be used to take care of your child if you die. One of the most frequent tools parents use is living trusts. Any asset or property you have can be placed in the trust, and you will still maintain control as the owner. If you have any life insurance policies, you can change ownership of the policy from yourself to the trust, so those proceeds will also go into the trust upon your death. Your child is named as the beneficiary of the trust, and if something happens to you, the assets in the trust will be transferred to your child.

You can also choose who you want to be the trustee to oversee the distribution of the assets to make sure your child has everything they need. This is especially important if you feel uncomfortable letting your child’s other parent oversee these funds.

Many parents who name a guardian for their child choose a different person to control the trust. Your lawyer can help you decide the best choice for your situation.

Contact Our Lombard, IL Estate Planning Lawyers for Legal Assistance

Whether you are a parent, single parent, married, divorced, or single with no children, do not risk your assets by not having an estate plan in place. At A. Traub & Associates, our DuPage County, IL estate planning attorneys can help you with wills, trusts, power of attorneys, advance directives, and any other estate planning tool that can benefit your family. Call A. Traub & Associates to schedule a confidential consultation to learn more.