Single Parents: How a Lack of Estate Planning Could Devastate Your Child's Future
As a single parent, you bear the immense responsibility of safeguarding your child’s future. You’ve likely thought about their education, healthcare, and even their emotional well-being—but what about their legal and financial security if something happens to you? In New Jersey, the absence of an estate plan can lead to devastating consequences for your child, putting their care and financial stability at risk.
The Risks Single Parents Face Without an Estate Plan
Without an estate plan in place, several critical issues could arise:
Guardianship Decisions Made by the Court: If you were to pass away unexpectedly, the New Jersey courts—not you—would decide who raises your child. This process can be lengthy, emotionally draining, and may result in a guardian you would not have chosen.
Inheritance Vulnerabilities: Without a will or trust, your assets will be distributed according to New Jersey’s intestacy laws. This often means your child’s inheritance is placed in a court-supervised account until they turn 18, with no safeguards on how the funds are spent afterward.
Uncertainty in Medical and Financial Decisions: In the event of your incapacitation, no one—including your child’s other parent, if applicable—has automatic authority to make decisions on your behalf without legal documentation. This can delay urgent medical or financial actions.
An Example to Consider
Imagine Maria, a single mother in New Jersey with a 10-year-old son, Joshua. Maria tragically passes away without a will or trust. Since Maria never legally appointed a guardian, Joshua’s future is thrown into turmoil as family members battle over custody. Meanwhile, Maria’s assets—her home, savings, and life insurance—are tied up in probate court. By the time Joshua turns 18 and gains access to his inheritance, much of its value has been eroded by legal fees and taxes.
How an Estate Plan Can Protect Your Child
An estate plan ensures your wishes are respected and provides:
Legal Guardianship: You can name a trusted individual to care for your child, avoiding court involvement.
Trust Planning: Establish a trust to manage your child’s inheritance responsibly, ensuring funds are used for education, healthcare, and other necessities.
Powers of Attorney and Living Wills: These documents designate trusted individuals to make medical and financial decisions if you are unable to do so.
New Jersey-Specific Considerations
In New Jersey, the probate process can be time-consuming and costly without proper planning. Additionally, state laws do not automatically grant guardianship or inheritance rights to unmarried partners or non-traditional caregivers, making estate planning even more critical for single parents.
Don’t Leave Your Child’s Future to Chance
As a single parent, you’ve already done so much to give your child a bright future. Now, take the next step to ensure their care, security, and financial stability are guaranteed, no matter what happens.
At The Law Office of Jeffrey Blair, we specialize in creating comprehensive estate plans tailored to your unique situation. Schedule your Peace of Mind Planning Session today to discuss how we can help you protect your child’s future and your legacy.
