Kai is a single professional woman. She had an unintended pregnancy at 31 and decided to keep her child. The kid’s dad who remained in his mid 40’s wants nothing to do with the kid and rejected paternity.
After favorable DNA screening, Kia gets court ordered child assistance from the daddy, but no emotional relationship. Kia has sole legal custody. Kia shares a home with her widowed mom who does not feel she could care for her active 3-year-old grandson if something ought to take place to Kia. What are her estate planning issues?
Estate Planning is just as important for single parent households as it is for very same sex couples. In this scenario, if Kia not does anything, and something happens to her, the child’s daddy might appear, take custody of the kid and his financial resources with little factor to consider of anyone else in the child’s life because the choice for custody under the law is offered to the parents.
Single moms and dads 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 require these files. Your estate perhaps bigger than you understand, if you get life insurance coverage as one of your work advantages, funds in an IRA or other pension account, and a house you child or children could have significant properties. In addition they would be entitled to Social Security survivor’s benefits based upon you work record. Speak with a lawyer experienced in these matters to determine what is finest for your situations.