Kai is a single professional female. She had an unintended pregnancy at 31 and decided to keep her child. The kid’s dad who was in his mid 40’s wants absolutely nothing to do with the kid and rejected paternity.
After favorable DNA screening, Kia gets court purchased child support from the father, however no psychological relationship. Kia has sole legal custody. Kia shares a house with her widowed mother who does not feel she could take care of her active 3-year-old grandson if something must take place to Kia. What are her estate planning issues?
Estate Planning is simply as essential for single moms and dad households as it is for same sex couples. In this situation, if Kia does absolutely nothing, and something occurs to her, the kid’s dad could appear, take custody of the child and his financial resources with little consideration of anyone else in the child’s life since the choice for custody under the law is provided to the parents.
Single moms and dads need:
A will or trust to move property to the kid 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 perhaps bigger than you recognize, if you get life insurance as one of your work advantages, funds in an IRA or other pension account, and a house you kid or children might have significant possessions. Furthermore they would be entitled to Social Security survivor’s advantages based on you work record. Talk to an attorney experienced in these matters to determine what is best for your scenarios.Share