Raising children while flying solo can be a lonely yet stressful journey, so inevitably, making a will as a single parent is a task that often gets put on the back burner. For many single parents in Ireland, life moves at a relentless pace, balancing work, childcare, and the daily responsibilities of running a household alone. Amid the immediate demands, long-term planning slips to the bottom of the list.
However, making a will is one of the most important steps you can take to protect your child’s future and ensure your wishes are carried out to the letter.
In this article, we outline why preparing a legally valid will is so vital for single parents, and we share some guidelines specifically for single parents who are looking to set their wishes in stone and don’t know where to start.
The importance of making a will as a single parent
According to the latest statistics, one in five people lives in a one-parent family in Ireland today. As a single parent, you are likely the sole or primary decision-maker in your child’s life. And while it may not be a pleasant thing to think about, an unfortunate reality of being a single parent is that in the event of your unexpected passing, someone else will have to take over this role.
Without a valid will in place, your assets, such as the family home or possessions, may not be distributed as you would wish, and more importantly, decisions around your child’s guardianship could be left to the courts. This can lead to uncertainty, delays, and even disputes among family members. And for the children who are grappling with their grief and fear for their future, these scenarios can create even more upset and anxiety.
Making a will as a single parent offers you a chance to:
- Appoint a trusted guardian for your child
- Specify how your assets should be managed and distributed
- Establish a trust to provide for your child financially
- Reduce stress and uncertainty for your loved ones
Appointing a guardian
For married or cohabiting parents, if one parent passes away, naturally, the responsibility of the children and household goes to the surviving parent. However, for single parents, depending on their circumstances, this may not be an option. Unsurprisingly, one of the most pressing concerns for single parents is who would care for their children if they were no longer around.
In your will, you can nominate a guardian – someone you trust to take on this essential role. But given the enormity of this decision, it should not be made lightly. Here are some points to consider when choosing a guardian for your child/children:
- Shared values: Do they share your approach to parenting, education, and lifestyle?
- Practicality: Are they in good health? Do they have the time, resources, and willingness to care for your child?
- Geography: Would your child have to move schools or relocate entirely?
Once you’ve chosen a guardian, before putting their name down on your will, you should discuss your intentions with them and ensure that they are ready to take on this responsibility. It may come as quite a shock in the event of your passing if they were unaware of your plan. This could add further upset to an already difficult situation.
Structuring a trust for your child
A will can also be used to establish a trust for your child, particularly if they are under 18. This ensures that their inheritance is managed on their behalf until they reach a suitable age. Without such a provision, your child may gain access to a lump sum at 18, an age that heralds the start of adulthood, albeit without financial maturity. You may intend for your child to use the money wisely, such as a fund for university or a deposit for a house. The reality is that at 18, they may be more enthused to blow all their money away on a trip around the world with their friends.
Within your will, you can appoint trustees (who may be different from the guardian) to manage the funds in line with your instructions. Just as an example, the trust could specify that the funds be used for education, healthcare, or housing support. And of course, you may want your child to always have a fund with savings for a rainy day.
Addressing specific concerns for single parents
Every family is different, and single-parent households often have particular needs that should be addressed in a will:
- Joint property or co-parenting arrangements: If you share property or parenting duties with an ex-partner, it’s important to ensure your will is structured in a way that avoids conflicts or unintended consequences. A solicitor who knows the legislation around family law and estate planning will be able to guide you through this.
- Blended families: Life moves on, even after a relationship breakup and blended families are becoming more common in Ireland. If you’ve formed a new relationship, it’s crucial to clarify your intentions in writing, especially if you have children from different relationships.
- Beneficiaries with special needs: For single parents of a child with special needs, thinking about their future in the event of the parent’s death can be a constant worry. As a way to alleviate some of this fear, a tailored trust can be created to safeguard State entitlements or provide lifelong support.
Tax and legal considerations
Nobody likes to hear the word tax when it comes to inheriting money. The bad news is that most inheritances in Ireland are subject to Capital Acquisitions Tax (CAT). However, the good news is that children benefit from a higher tax-free threshold when inheriting from a parent. This is where having the expertise of a solicitor is crucial.
A well-drafted will can help mitigate exposure and structure your estate in a tax-efficient way, thus protecting your children from a hefty tax bill as much as possible. Your solicitor can prepare your will so that it complies fully with Irish law, reducing the risk of it being contested or deemed invalid.
Steps to making a will as a single parent
Life is unpredictable, so it’s never too soon to put your will down in writing. Here are a few quick points on how to get started:
- List your assets, including property, savings, pensions, and personal items of sentimental value.
- Decide on your beneficiaries, i.e who will inherit what.
- Appoint a guardian and trustees for the care and financial security of your child.
- Seek legal advice to ensure your will is valid and reflects your wishes clearly.
- Store your will safely and let your executor know where to find it.
Making a will as a single parent? Summit Law is here to help
Creating a will as a single parent needn’t be yet another task you have to do alone. At Summit Law, we take the time to understand your family’s specific needs when it comes to protecting your child’s future. Our Will Writing Services are tailored for clarity, compassion, and compliance, ensuring your wishes are documented with precision. Whether you are starting your first will or updating an existing one, we can guide you through the process step by step.
If you are a single parent considering a will, don’t put it off any longer. Reach out to us today for a confidential consultation and let us alleviate some of the worries you may have for the future of your family.