Creating a will is often overlooked, yet it is one of the most critical steps a parent can take to ensure their child’s well-being. For single and divorced parents, estate planning is even more essential, as it directly impacts custody arrangements, financial security, and co-parenting responsibilities. Without a legally binding plan, courts may intervene in determining guardianship and asset distribution, potentially leading to outcomes that do not align with a parent’s wishes.
This guide will explain why every parent—especially those who are co-parenting—needs a will, the key components of a comprehensive estate plan, and tailored strategies for single and divorced parents navigating these complexities.
According to a 2023 Caring.com survey, nearly two-thirds of Americans do not have a will. While this is concerning for anyone, the absence of a will poses greater risks for parents, as it leaves major decisions about their child’s future in the hands of the court system.
A properly structured will allows parents to:
For divorced parents, a will becomes even more vital. Without a legal document specifying guardianship and financial arrangements, disagreements may arise between surviving family members or even between co-parents, leading to prolonged legal battles.
Creating a will can be done through a local attorney or an online service. Each option has its benefits and drawbacks, depending on your circumstances and budget.
Several reputable online services provide affordable and legally sound will preparation:
Online will services are generally more affordable, with costs ranging from $50 to $300, making them a convenient choice for those with simple estates. They offer quick setup and basic customization, but may lack the legal guidance required for complex family dynamics, particularly for co-parenting situations. Some services provide limited consultations with attorneys, but they do not offer fully personalized recommendations.On the other hand, hiring a local estate planning attorney, while more expensive—typically ranging from $300 to $2,000—provides thorough legal support and tailored estate planning solutions. This option is ideal for parents with complex co-parenting agreements, significant assets, or special considerations like trusts for minor children. Though it requires appointments and in-person meetings, the benefit of full legal customization and professional guidance outweighs the inconvenience for those who need more intricate planning.If your estate is straightforward and you need a basic will, an online service may suffice. However, if you have complex custody arrangements, substantial assets, or a co-parenting agreement, consulting an attorney is highly recommended.
For additional financial planning guidance, check out Financial Checklist After Divorce: A Single Mom’s Guide to Starting Over. While the process of creating a will may seem overwhelming, it can be broken down into manageable steps:
Managing co-parenting responsibilities and shared expenses can be challenging. Blended is designed to help parents:
Learn more about the Blended App at www.blended.app.