You’re the Backup Plan: Estate Planning When You’re a Solo Parent

Parenting is already one of the most demanding roles you can take on. But when you're a solo parent, the responsibility multiplies. You're not just managing day-to-day tasks—you’re the full-time emotional, financial, and logistical foundation for your child.

And because you're their one and only constant, estate planning isn’t a luxury. It’s a necessity.

What happens if you’re suddenly not around? Who steps in? Who manages your child’s money, health decisions, or education? These aren’t fun questions—but they are crucial. Estate planning gives you the ability to answer them on your terms rather than leaving it up to the courts.

Why Estate Planning Matters Even More for Solo Parents

Without a co-parent to fall back on, your estate plan isn’t just a backup—it’s the only plan.

Here’s why solo parents need to take action:

1. No default safety net: If something happens to you, there’s no automatic legal guardian unless you’ve named one in your Will. The court will decide who raises your child.
2. Unintended financial outcomes: Minor children can’t inherit money outright. Without proper planning, the court may appoint someone to manage your child’s assets—and it may not be who you’d choose.
3. Emotional and financial stress on loved ones: Without a plan in place, your family or friends could face difficult legal hurdles just to care for your child, even if they’re willing to help.
4. Lack of clarity = confusion: When you're the sole decision-maker in your child’s life, it's even more important to write down your wishes clearly.

Naming Guardians and Setting Up Trusts

Who will raise your child—and who will manage their money—if you’re not able to?

Naming a Guardian

In your Will, you can name a legal guardian for your minor child. This is one of the most important decisions you’ll make in your estate plan.

Things to consider when choosing a guardian:

• Do they share your parenting values and lifestyle?
• Are they financially and emotionally stable?
• Do they live nearby or would relocation be required?
• Are they willing and able to raise your child?
  

You can also name an alternate guardian in case your first choice is unable or unwilling when the time comes.

If you don’t name a guardian, the court will. And while judges aim to act in the child’s best interest, they may not know your child—or your family dynamics—well enough to make the choice you would.

Setting Up a Trust

Children under 18 can’t legally manage inherited assets. That’s where a Revocable Living Trust comes in.

Why use a Trust instead of a simple Will?

• You name a trustee to manage and distribute funds for your child according to your instructions.
• You can specify how and when your child receives funds (e.g., at age 25 or for specific purposes like education).
  Trusts avoid probate, meaning your child gets access to resources faster and more privately.
  
  

Tip: Choose someone different to be the financial trustee if your preferred guardian isn’t financially savvy. You can separate caregiving and money management roles.

Healthcare and Financial Power of Attorney

Estate planning also prepares for what happens if you’re alive but unable to act due to illness, injury, or incapacity.

Healthcare Power of Attorney

This document names someone you trust to make medical decisions on your behalf if you’re unconscious or unable to communicate.You want to ensure decisions about your treatment reflect your values—especially when those decisions affect your ability to care for your child.

Financial Power of Attorney

This document gives someone you trust the authority to:

• Pay your bills
• Access your accounts
• Manage your property or business
• Handle your child’s day-to-day expenses
  

Without these documents, your family would have to go to court to be granted decision-making authority—a time-consuming and emotionally draining process during a crisis.

Creating a Safety Net for Your Child

When you're the only legal parent, your child depends on you for everything. A complete estate plan creates a safety net that ensures your child is protected, cared for, and supported, even when you can’t be there.

A solid plan includes:

• A Will with a named guardian
• A Trust to manage inheritance
• Healthcare and financial power of attorney
• Beneficiary designations on life insurance and retirement accounts
• A letter of intent explaining your wishes in detail (not legally binding, but very helpful)

Final Thoughts

Solo parenting is hard enough—you shouldn't have to lose sleep wondering what happens if you're not around. Estate planning gives you peace of mind and gives your child a plan, not just hope.

You're already doing everything for your child today. A solid estate plan ensures you’ll continue protecting them tomorrow, no matter what. Take the first step and schedule a free call with David today.