“If you fail to plan, you are planning to fail.”
Benjamin Franklin
When You Become a Father, You Have to Establish a Plan
According to the U.S. Census Bureau, 10.9 Million kids under 18 live with single parents. You should decide where your children are placed should you die.
If you’re a single dad, you should address certain particulars of a living will. This way your money won’t be lost to the government or held up by misunderstandings between your former partner and any other parties.
To be upfront – and we think you’ll hear this everywhere you might go for advice – if you should die as a single dad, your kids will likely go to the other parent (assuming no prior convictions of severe issues like violence). The court is ultimately leaning in the partner’s favor.
Living Will Basics
We cover all of these in our “Set Up Your Will, Your Kids Will Thank You” post here. As a refresher, these are the basics of a will, a trust, an estate and estate planning.
A will (aka last will)
Nominates the legal guardian of your minor children and directs the distribution of your assets upon the end of your life.
A living will (aka advance directive)
Details the medical care that you, Father, wish to receive in the case of incapacitation and loss of the ability to communicate.
A trust
A legal agreement for the transfer of assets from you, the owner / grantor / trustor, to a trustee, like your kids. This can happen while you’re alive, not necessarily at the time of death.
Estate planning
The preparation of tasks that serve to manage an individual’s asset base in the event of their incapacitation or death. (per Investopedia)
Estate
An estate is the economic valuation of all the investments, assets, and interests of an individual. The estate includes a person’s belongings, physical and intangible assets, land and real estate, investments, collectibles, and furnishings. (per Investopedia)
The Particulars of a Will for a Single Dad
Your living will should give nothing to your former partner
Once you divorce, then you should owe nothing to your former partner. There are exceptions, of course. If you have a pension and don’t update your designations, then your ex could inherit your money. So, UPDATE YOUR DESIGNATIONS.
Setting up a Conservatorship
A conservator can be appointed by a judge to manage the financial affairs of a child. This person may be the legal guardian or a second person. You must set this conservatorship in your will in order to control who gets guardianship and conservatorship of your estate and children should you die.
Setting up your will
Your will is really not that hard to set up. Like other parts of personal finance and adulthood, it takes some time (hours, possibly days) to set yourself up for years of success, or, at the least, avoid failure. There are a few things you should do when writing up your will:
- Name someone you trust as executor who will carry out the terms of your will
- The debts and taxes your estate could owe after your death
- The assets you own such as real estate, vehicles, bank accounts, and personal belongings, as well as life insurance payouts.
- Specifics about how you wish your assets to be allocated to care for your children.
- The full names, birth dates, and Social Security numbers of any other beneficiaries you want to receive your belongings or assets.
- Naming a person to take care of your kids if you and the other parent both pass away (nominating someone as a second choice is a good idea, too), or if the children’s other parent is not part of their lives.
- Alternative guardians in the event your first choice for legal guardian is unwilling or unable to care for your child
- If you have a pet, thinking about who could care for them after you’re gone
If you need a hand setting up a will, check out what Zoom Legal has to offer for single parents.
