Estate Planning and the Single Parent

Estate Planning and the Single Parent

Kai is often a single professional woman. She had an unplanned pregnancy at 31 and decided to keep her child. The child’s father who had previously been in the mid-’40s wants not even attempt to do with the child and denied paternity. After positive DNA testing, Kia gets court-ordered supporting your children from the father, but no emotional relationship. Kia has sole legal custody. Kia shares your house with your ex widowed mother who will not feel she could care for her active 3-year-old grandson if something should happen to Kia. What are her estate planning issues?

Estate Planning is simply as essential for single-parent families since it is for same-sex couples. In this situation, if Kia does nothing, and something occurs her, the kid’s father could appear, take custody of the little one and his finances with little thought on other people in a child’s life for the reason that preference for custody within the law emerges towards the parents.

Single parents need:

– A will or trust to transfer property to a child or even a trustee which will manage the trust for a child’s benefit

– A durable power of attorney plus a healthcare power of attorney

– A living will

– A guardianship agreement naming a different guardian if for whatever reason her first choices unable or unwilling to serve as guardian including an affidavit starting the causes to be with her range of one guardian over another.

A single parent need not be wealthy to want these documents. Your estate may be larger than you realize, should you receive life insurance coverage as one of your employment benefits, funds within an IRA or any other pension account, and the property you child or children could have significant assets. Additionally, they can be eligible for Social …

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Estate Planning Attorney: Preparing for a Meeting

Estate Planning Attorney: Preparing for a Meeting

You don’t technically have to do almost anything to plan for a celebration having an estate planning attorney. Just having taken the key to building a gathering is a bit more than many individuals take, and you will be proud and confident in your choice to advance with responsible financial progress. One of the worst things an individual may do to their heirs is usually to leave their assets in disarray. More often than not, it results in infighting, resentment, and family problems that can last a long time. You can avoid all the by causing specific plans beforehand. While you’ll be able to contemplate specific decisions using your lawyer, here are several things you may want to discuss before your meeting.

Guardianship

If you might have kids under the age of 18, one of the first issues you need to take into account is who’ll act as their guardian for anybody unable to. So many parents don’t think of this, and it can have dire consequences on the child. You don’t want your kids to end up like a ward of the state, moving through foster homes, and experiencing a really unstable life after you’re gone. No one likes thinking about preparing for the worst, however, you should do so. Think about who will look after young kids before meeting along with your estate planning attorney, because one decision he’ll be can not aid.

Finances

If you are ever to achieve where you couldn’t handle your finances, who you would like to devote power over them? Some feel comfortable entrusting financial control with an estate planning attorney or any other professional inside the field. Others want control handed over to some relative. This is your responsibility, yet it’s another important thing you need to think about. When you’re healthy …

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