Estate Planning and the Single Moms and dad
Kai is a single professional lady. She had an unintended pregnancy at 31 and decided to keep her kid. The child’s dad who remained in his mid 40’s wants nothing to do with the child and denied paternity.
After positive DNA testing, Kia gets court purchased kid support from the father, but no emotional relationship. Kia has sole legal custody. Kia shares a home with her widowed mother who does not feel she might care for her active 3-year-old grand son if something ought to occur to Kia. What are her estate planning issues?
Estate Planning is just as crucial for single moms and dad families as it is for very same sex couples. In this scenario, if Kia not does anything, and something takes place to her, the child’s father could appear, take custody of the child and his financial resources with little consideration of anybody else in the child’s life because the preference for custody under the law is given to the parents.
Single parents need:
A will or trust to transfer property to the kid or a trustee who will manage the trust for the kid’s benefit
A single parent need not be wealthy to need these files. Your estate perhaps larger than you realize, if you get life insurance as one of your work advantages, funds in an Individual Retirement Account or other pension account, and a home you child or kids could have considerable properties. In addition they would be entitled to Social Security survivor’s advantages based upon you work record. Consult with a lawyer experienced in these matters to determine what is finest for your scenarios.