Kai is a single professional female. She had an unintended pregnancy at 31 and chose to keep her child. The child’s dad who was in his mid 40’s wants absolutely nothing to do with the kid and denied paternity.
After positive DNA screening, Kia gets court purchased kid support from the father, however no emotional relationship. Kia has sole legal custody. Kia shares a home with her widowed mother who does not feel she could take care of her active 3-year-old grand son if something should happen to Kia. What are her estate planning issues?
Estate Planning is just as crucial for single parent households as it is for exact same sex couples. In this situation, if Kia does nothing, and something occurs to her, the child’s father could appear, take custody of the kid and his financial resources with little factor to consider of anybody else in the child’s life due to the fact that the preference for custody under the law is given to the parents.
Single parents need:
A will or trust to move property to the child or a trustee who will manage the trust for the kid’s benefit
A single moms and dad need not be wealthy to need these files. Your estate maybe bigger than you realize, if you receive life insurance coverage as one of your work benefits, funds in an Individual Retirement Account or other pension account, and a home you child or children might have significant possessions. Additionally they would be entitled to Social Security survivor’s advantages based on you work record. Speak with an attorney experienced in these matters to identify what is finest for your circumstances.