Estate planning for single women is often overlooked. Without a spouse to assume key responsibilities in times of need, estate planning is crucial to ensure that your client’s wishes are honored and their loved ones are protected in the event of incapacity or death. When you counsel single women clients, it is important they know that they can safeguard their wishes and protect their loved ones by creating an estate plan to appoint a guardian for minor children, establish a trust for privacy and control, and secure appropriate medical documents.
1. Designating a Guardian for Minor Children
Unless a court determines it is not in the best interest of the children, if a single mother with custody of minor children passes away, the other parent is first in line to obtain custody. However, by designating a guardian for your client’s minor children in her will or other ancillary document, if the other parent is unable or unwilling to take custody of the kids, the court can appoint the person she designated. Most estate planning attorneys use a declaration of appointment of guardian for my children in event of death or incapacity form, which allows for a parent to identify their choice for guardian not only at death, but also if they are mentally incapacitated.