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Estate planning for single parents

Are you a single parent in Texas? If so, you know firsthand some of the daily issues you must contend with when raising a child on your own. While managing these and taking care of your children is important, equally important is looking out for your children's needs in the event that something happens to you. Regardless of your age, estate planning should be a priority for you as a single parent for the benefit of your children.

As CNBC explains, an estate plan for single parents should involve many elements and decisions. Certainly one of the biggest decisions would be guardianship for any minor children. You should also carefully assess and identify who you want to be responsible for any money left for your children as it may not be the same person that would act as the guardian.

While considering that, you should also outline when your children might inherit or have access to any money directly. This does not have to happen at the age of 18 and a trust may be the right vehicle for you to specify your wishes here. Trusts offer a great deal of flexibility when laying out one's wishes. If you do not have a life insurance policy or a disability insurance policy, you might want to consider setting one or both up.

If you are a single parent and would like to get more information and guidance about estate planning to protect your child and your estate, please feel free to visit the single parent long-term planning page of our Texas estate planning website.

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