Estate planning is especially important for single parents
Securian provides planning guide for one-parent families and their financial advisors
ST. PAUL, Minn.--(BUSINESS WIRE)--Estate planning is important for all families, but especially for single parents. There are many eventualities to consider that are of less concern for two-parent families.
“A single parent needs to think about who would raise the children in the event of death or disability,” said Channing Schmidt, senior advanced marketing counsel, Securian Financial Group. “They also should consider who will manage the assets in the estate after the parent is gone.”
Securian Financial Group offers “This Is Family,” a financial planning program for non-traditional families including single, unmarried or same-sex parents, non-citizen spouses and blended families. For single-parent families, setting up a trust may be a good way to ensure that the children are cared for in the manner the parent prefers and that the assets are managed appropriately. Securian offers a five-step plan for plan for single parents:
- Identify the professionals needed to establish and implement the estate plan. They could include a financial advisor, attorney and family members.
- Figure out how much money is needed to allow the children to maintain their lifestyle and/or pay for college or a wedding.
- Assemble the parts of the plan by drawing up a will, identifying a trustee to manage assets, provide a power of attorney and a health care directive.
- Give a clear and detailed description – in writing – of the way you want your children raised and how you want the assets managed.
- Review the plan regularly and adjust it for life changes such as death, marriage and grandchildren.
“Timely preparation can give a single parent the comfort of knowing the support and resources the children need for a comfortable lifestyle have been planned for and provided,” said Schmidt.
About Securian Financial Group
Since 1880, Securian Financial Group and its affiliates have provided financial security for individuals and businesses in the form of insurance, investments and retirement plans. Now one of the nation’s largest financial services providers, Securian is the holding company parent of a group of companies that offer a broad range of financial services.
DOFU 10-2014 A005368-1014