Making an estate plan is always a good idea, but it’s practically a necessity for someone with a blended family. If you have stepchildren for whom you want to leave assets, you absolutely need to have some kind of plan in place that mentions them and makes them your beneficiaries. Otherwise, you run the very real risk of them getting nothing when you pass away. A Woodland Hills will attorney can help you avoid this scenario.
Do Stepchildren Normally Have a Claim to the Estate?
The main issue here is that your stepchildren are not going to have any claim to your estate unless you specifically leave something behind for them. If you pass away without a will or estate plan, the courts decide who gets your assets. Your spouse would get a large chunk of the estate, and then other close family members like biological children could receive something. Stepchildren are not included in this process.
So if you have something that you want to leave behind for your stepchildren, you have to make it clear in your estate plan.
Can I Name My Stepchildren in a Will or Trust?
When you have decided what you want to leave for your stepchildren, you should write a will that makes your wishes obvious. You can leave them certain property, money, and any personal belongings that have sentimental value. However, all of these things will have to go through probate, a court process that divides up your property and distributes the right assets to the right beneficiaries.
This process can be time-consuming and it costs your family money in court fees. If you want to avoid probate, our lawyers can help you set up a trust. Assets in a trust do not go through probate and you can decide which assets go to your stepchildren and other beneficiaries. There are even some types of trusts that allow you to pass on assets while you are still alive.
Are There Other Ways to Pass Down Assets to Stepchildren?
You can also make your stepchildren the beneficiaries of certain bank accounts or insurance policies. You can have your life insurance pay out to your stepchildren, for example. It can also be a good idea to make them the beneficiary of retirement accounts, savings accounts, or any other accounts with significant assets.
Talk to Our Legal Team
So if you are planning to leave anything behind for your stepchildren, make a plan now. Contact the Law Offices of Yacoba Ann Feldman to schedule a consultation with our team. Tell us more about what you have and how you want to pass your assets down and we can help you develop a customized plan that helps you provide for your loved ones once you have passed.
