Why Every Parent Needs a Will: A Guide to Securing Your Child’s Future

Trent McClure
February 10, 2025
Personal Finance

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.

The Importance of a Will for Parents

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:

  • Designate a guardian who will care for their child if they pass away.
  • Ensure financial stability for their child by allocating assets accordingly.
  • Reduce legal complications and family disputes regarding inheritance.
  • Address co-parenting arrangements and prevent unnecessary conflicts.

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.

How to Find an Attorney or Use an Online Will Service

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.

Finding a Local Attorney

  • Search for estate planning attorneys in your area using directories like FindLaw, Avvo, or the American Bar Association.
  • Ask for referrals from family, friends, or financial advisors.
  • Check online reviews and verify credentials before choosing an attorney.
  • Schedule a consultation to discuss your specific needs as a single or divorced parent.

Online Will Services

Several reputable online services provide affordable and legally sound will preparation:

  • Trust & Will – Offers guided estate planning with attorney support.
  • LegalZoom – Provides customizable will templates and legal advice.
  • Rocket Lawyer – Features subscription-based legal services with attorney consultations.
  • Quicken WillMaker & Trust – A DIY solution for simple wills.

Pros and Cons of Online vs. Local Attorney Services

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.

How to Create a Will: A Step-by-Step Guide

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:

1. Inventory Your Assets

  • List all financial accounts, real estate, vehicles, and personal belongings.
  • Identify debts that could impact the distribution of assets.

2. Designate a Guardian for Minor Children

  • Choose a guardian who aligns with your values and parenting approach.
  • Consider whether your co-parent is fit to take full custody or if alternative arrangements are necessary.

3. Determine Asset Distribution

  • Specify how financial accounts, property, and other assets will be divided.
  • Set up a trust if you want to control how and when your child receives an inheritance.

4. Appoint an Executor

  • Select a reliable person to manage your estate and carry out your wishes.

5. Legalize Your Will

  • Use an attorney, an online estate planning service, or a state-specific template.
  • Ensure the document is legally binding with the required witnesses.

6. Store and Update Your Will Regularly

  • Keep it in a secure location, such as a fireproof safe or with an attorney.
  • Update it after major life events, including marriage, divorce, or significant financial changes.

How Blended Can Help with Co-Parenting Finances

Managing co-parenting responsibilities and shared expenses can be challenging. Blended is designed to help parents:

  • Track and manage shared expenses without conflict.
  • Automate child support payments to ensure consistency.
  • Organize financial records for a smoother estate planning process.

Learn more about the Blended App at www.blended.app.

Trent McClure
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Co-Founder
Trent is one of the co-founders of Blended, a single dad of two, an Air Force veteran, and a tech executive with 15+ years of Product Management experience with companies like Nationwide, Verizon, and BIP Ventures.
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