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Single parent estate planning tips

When it comes to estate planning, single parents in Ohio have some special concerns they need to think about. This is especially true if the child's other parent is not in the picture or if there are any issues with the child's other parent or other parent's family. Having a plan in place for what happens with children can give single parents a peace of mind.

In addition, finances have to be worked out to ensure money and assets are handled properly. Since there is no spouse who automatically receives everything, this can be a huge issue when a person dies. The state could step in and prevent access to assets, tie up real property or cause custody issues. 

According to ABC News, single parents need to take care choosing the executor of their estate. This person is in charge of making sure wishes are followed and property or other assets are disbursed properly. In addition, single parents should consider a life insurance policy that can help handle expenses and provide for children.

The Huffington Post suggests setting up trusts if the parent has considerable assets. A trust can allow the parent to control when children get access to assets, which can be good if money and younger children are involved. Parents also need to name a guardian. While the children would go to their other parent, if that parent does not want the children or otherwise cannot take them, naming a guardian ensures they go where the custodial parent wants. Otherwise, they could go to just about anyone, including non-family. 

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