Kai is a single professional lady. She had an unintended pregnancy at 31 and decided to keep her child. The kid’s daddy who was in his mid 40’s wants absolutely nothing to do with the child and rejected paternity.
After positive DNA testing, Kia gets court ordered kid support 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 grand son if something should happen to Kia. What are her estate planning issues?
Estate Planning is just as crucial for single moms and dad families as it is for same sex couples. In this scenario, if Kia does nothing, and something takes place to her, the child’s daddy might appear, take custody of the kid and his finances with little factor to consider of anybody else in the child’s life because the preference for custody under the law is provided to the parents.
Single moms and dads need:
u2022A will or trust to transfer property to the child or a trustee who will manage the trust for the child’s benefit
A single moms and dad need not be wealthy to need these documents. Your estate maybe larger than you understand, if you receive life insurance as one of your work benefits, funds in an Individual Retirement Account or other pension account, and a house you kid or kids might have significant possessions. Additionally they would be entitled to Social Security survivor’s benefits based on you work record. Speak with a lawyer experienced in these matters to identify what is finest for your situations.