A study was released by the United States Census Bureau back in 2009 stating that there were 13.7 million single parents in America raising nearly 22 million children. This was about one fourth of all people under the age of 21 in the United States at that time.
Clearly there are a lot of single parents in our country, and a significant percentage of them have not executed the appropriate estate planning documents.
When you are a single parent estate planning is something that is absolutely essential. You really can’t roll the dice with the well-being of minor children by utilizing the logic that it is unlikely that you will pass away while they are still dependent.
Likelihood is one thing, but possibility is another. People of all ages do pass away every day.
If you take no steps to have a last will drawn up naming a guardian for your children the matter would be left in the hands of the state if you were to pass away.
Children who are left on their own without parents are going to need some type of financial underpinning to be able to grow up in a decent environment with the possibility of going to college. You can make sure that such a financial foundation is in place by purchasing life insurance.
To be certain that the resources are handled judiciously you could include a testamentary trust within your will and see to it that the proceeds from insurance policies are poured into the trust should you pass away while your children are minors.
Our firm is passionate about assisting single parents who want to protect their children. If you are ready to get started, contact us at 216-472-1500 to arrange for a free estate planning consultation.