Estate Planning and the Single Parent
Kai is a single expert female. She had an unplanned pregnancy at 31 and chose to keep her kid. The child’s father who remained in his mid 40’s wants nothing to do with the child and denied paternity.
After favorable DNA screening, Kia gets court bought child support from the daddy, but no emotional relationship. Kia has sole legal custody. Kia shares a house with her widowed mother who does not feel she could care for her active 3-year-old grandson if something must occur to Kia. What are her estate planning issues?
Estate Planning is just as essential for single parent families as it is for exact same sex couples. In this scenario, if Kia not does anything, and something happens to her, the kid’s father might 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 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 rich to need these files. Your estate maybe larger than you realize, if you get life insurance as one of your employment advantages, funds in an IRA or other pension account, and a house you kid or children could have substantial possessions. In addition they would be entitled to Social Security survivor’s benefits based on you work record. Talk to a lawyer experienced in these matters to identify what is best for your scenarios.