As family sizes in America shrink, planning an estate for an only child presents unique opportunities and challenges. While leaving your entire estate to one child may seem straightforward, it's important to consider their role and the responsibilities they might inherit. Here's what you need to know:

Changing Family Dynamics and Financial Security

Today's average family size has decreased, with one-child households on the rise. This shift means many only children receive more focused financial support, which can impact estate planning. Studies show that many young adults depend on parental support well into their twenties, yet only 22% of parents plan to leave an inheritance.

Structuring Your Only Child's Inheritance

Leaving everything to an only child may be straightforward, but you're not obligated to do so. In some cases, setting up a trust with a trustee can offer flexibility and oversight, allowing distributions based on milestones or specific needs.

Key Roles for Your Only Child in Estate Planning

Consider whether to appoint your only child as executor, trustee, or agent under a power of attorney. Assess their skills and availability to take on these responsibilities, or consider alternative appointees such as trusted friends, family members, or a professional.

Finding the Right Balance

Balancing financial security with practical considerations is key in estate planning for an only child. Consult an estate planning attorney to create a strategy that aligns with your goals and provides for your loved ones in the most effective way.

Ready to begin? Contact us to discuss crafting an estate plan that supports your only child and meets your unique needs.