The most important question you’ll need to answer during Estate Planning is who will serve as the Guardian for your children, should something happen to you. For couples, it’s generally clear that the surviving spouse will have custody of the child. However, if you’re a single parent, this is obviously not as clear.
Depending on your custody situation, do you want your children to go to your ex-spouse (or partner), or would you rather choose someone else – a friend or family member?
After you’ve decided on your Guardian during the Estate Planning process, it’s also important to create a Revocable Living Trust, an IRA Trust, or other vehicles to seamlessly pass your assets on to your children.