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 Security survivor’s benefits determined by your choice to work record. Consult with legal counsel familiar with these tips to find out what is right for your needs.