Creating an estate plan is an essential step in planning ahead for your long-term goals and wishes. That said, once you've created an initial plan the work is still not complete. Diligent estate planning requires not just one version of your will, power of attorney or other important documents. In reality, these plans will need periodic checkups and revisions over time.
Being a single parent often means you're responsible for 99.9 percent of everything it takes to raise your children, including emotional, physical and financial support. Because of this, you may wonder who would take over if you died and how your children would continue to be properly cared for. While there's no way to prepare for every single scenario, an estate plan can provide a thorough outline of your wishes if something happens. The following are three reasons single parents need to carefully consider their estate plans.