Planning for Step-Children

Address: 3573 E. Sunrise Drive, Suite 209, Tucson, AZ, 85718, US
Telephone: (520) 529-4000

August 1, 2019Estate Planning, Legal Education

If your spouse has biological children, you may consider them your own. But, if you haven’t adopted them, they have no inheritance rights. This article looks at how to plan for step-children.

Author
Recent Posts

Allison Manning

Latest posts by Allison Manning (see all)

How Will You Pay for Long-Term Care? - December 28, 2020
Preparing for the Unexpected…and the Eventual - December 14, 2020
What Is a HIPAA Release? - November 16, 2020

In this day and age it is very rewarding and comforting to make a major decision for the long-term security of your family. Over 14 years ago we decided upon the Kinghorn Heritage Family to create our family trust. Through the years it became very evident that this decision was a major and necessary step for a secure future in an ever-changing legal climate. The Kinghorn Family has been a close friend that has always been there to serve our family.

Gary and Velma T. Client Review September 8, 2020

We appreciate the programs presented that keep us informed and updated in today’s internet and financial world. It is a comfort to know that you are only a phone call away if questions arise.

Robert and JoAnn H. Client Review September 8, 2020

We enjoyed meeting all the behind-the-scenes people on your team and want to thank you for the peace of mind you’ve given us and our children.

M.D. Client Reveiw September 8, 2020

What an amazing law firm, where the people I refer to them are handled as good friends, family, and confidantes.

Eileen E. Client Review September 8, 2020

Thank you Allison and Kinghorn Law family for everything you have done to make our end-of-life decisions a reality and stress free. When we think of Kinghorn: trust, peace of mind, professional. Outstanding Law Firm!

Ken and Cheryl V. Client Review September 8, 2020

Very satisfied with your company and staff.

Robert and Britt O. Client Review September 8, 2020

Compliments of Our Law Firm,
By: The American Academy of Estate Planning Attorneys
Divorce is a fact of modern American life. Approximately half of all first marriages fail, and the divorce rate for subsequent marriages can be as high as 73 percent. While divorce is commonplace, it’s not uncommon to overlook some important legal ramifications of splitting from your spouse. For instance, suppose you have been divorced for several years, are happily remarried, and have children with your new spouse. While you probably made sure that your bank accounts and credit cards were appropriately renamed following the split from your first spouse, did you review your estate planning documents with a qualified estate planning attorney? If not, in the unfortunate event that you become ill or disabled, your new life partner may have to deal with more than just the emotional pain of your physical condition. If you failed to revise your Health Care Power of Attorney to remove your former spouse as Agent, and you are deemed incapable of making your own health care decisions, your physician may be obligated to turn to your ex to make critical choices. This is unlikely to be a happy scenario for anyone involved, particularly your already suffering spouse and children. The scenario is equally disturbing if you pass away before you have examined your retirement plan in light of your divorce and subsequent remarriage. Your new partner, already devastated by their bereavement, will have to bear the financial and emotional strain of watching the assets in your 401(k) plan go to your former spouse because you failed to change the beneficiary designation on the plan. While divorce may end certain designations or bequests to your ex, it does not do so with 401(k) and other qualified plan assets. Even if you’ve updated your Health Care Power of Attorney and changed the beneficiary designation on your 401(k), you still may not be in the clear. Did you make bequests to your ex-spouse in your estate planning documents? If so, your state laws may or may not invalidate these bequests when a divorce occurs. If they are invalidated and these assets then go to your children, your former spouse may still remain as the Trustee, effectively keeping control of your financial resources. Make sure you consult an experienced estate planning attorney to revise your estate plan and remove your ex-spouse as Agent, Beneficiary, Trustee, or any other legal role in which your outdated estate planning documents may have placed him or her. Also, your estate planning attorney can help you designate appropriate new people, to serve in place of your ex.

Chandler V. Client Review September 8, 2020

Estate Planning attorneys are sometimes criticized for offering needlessly complex, 'canned' solutions. This never has been the case with Kevin. The documents he created were comprehensive when appropriate and surprisingly simple when suitable. In every case, they were individually crafted to meet our unique needs.

Rich D. Client Review September 8, 2020

<< Prev

Next >>

Footer

Connect with Us