While all parents should have an estate plan, co-parents face unique challenges in this regard. If you are a co-parent, estate planning is important, as you’ll want to make sure that your child is protected if something happens to you.
Planning ahead will allow you to make decisions about guardianship, financial security and medical care, giving you greater peace of mind that your child will be cared for according to your wishes.
Important considerations
If you pass away while your child is still a minor, your child’s other parent would typically assume full custody unless deemed unfit. However, if the other parent is unable or unwilling to care for your child, a guardian must be appointed.
- You should name a preferred guardian in your will to ensure your wishes are considered
- Choose someone who shares your values and is capable of providing emotional and financial support
- Have a conversation with your chosen guardian to confirm they are willing to take on this responsibility
Once you have made this selection, you’ll want to communicate your preference to your co-parent, as you’ll want to avoid blindsiding them with your wishes if something happens to you.
To that end, if possible, working with your co-parent on estate planning decisions can help prevent confusion or legal disputes.
- Discuss how financial support will be handled if one of you passes away
- Ensure beneficiary designations on life insurance and retirement accounts align with your child’s needs
- If you have differing views on guardianship, consider legal mediation to create a plan that serves your child’s best interests
You may also want to discuss the potential that if you become incapacitated (perhaps in a car crash in which your child is also injured), someone will need to make medical decisions for your child if your co-parent can’t be reached. You may want to consider drafting a power of attorney for minor children to safeguard your child’s interests under such circumstances.
Estate planning as a co-parent isn’t always straightforward, as your child’s other parent may retain legal authority over their interests if something happens to you. However, they may also be incapacitated, unreachable or otherwise unable to support your child in a moment of crisis, so it is important to plan ahead.