Kai is a single professional lady. She had an unplanned pregnancy at 31 and chose to keep her child. The kid’s dad who was in his mid 40’s desires nothing to do with the kid and denied paternity.
After favorable DNA testing, Kia gets court ordered kid support from the daddy, but no psychological relationship. Kia has sole legal custody. Kia shares a house with her widowed mom who does not feel she might look after her active 3-year-old grand son if something need to occur to Kia. What are her estate planning issues?
Estate Planning is just as essential for single moms and dad households as it is for exact same sex couples. In this situation, if Kia does absolutely nothing, and something occurs to her, the child’s father could appear, take custody of the child and his finances with little factor to consider of anyone else in the child’s life since the choice for custody under the law is provided to the parents.
Single parents need:
A will or trust to move property to the child or a trustee who will handle the trust for the kid’s benefit
A single parent need not be rich to require these files. Your estate perhaps larger than you understand, if you get life insurance as one of your work benefits, funds in an IRA or other pension account, and a home you child or children could have considerable possessions. Additionally they would be entitled to Social Security survivor’s benefits based on you work record. Seek advice from with an attorney experienced in these matters to determine what is best for your circumstances.