It makes sense that you would want to leave something behind for your stepchildren. You should not just tell people about your plan to leave assets for them though. You need to have an actual plan in place if you want to be sure that your stepchildren get something. A Rockland County estate planning attorney from our firm can help you with this.
Do My Stepchildren Have Any Right to My Estate?
We emphasize your need for a plan for a reason. When you die without a will, your assets go through the probate process. Many close family members, like your spouse and children, will have some claim to your estate.
Your stepchildren will not. No matter how close you are to your stepchildren, they do not have any claim to your assets unless you have adopted them. So if you want to leave something behind for them, you must have a plan. We have seen cases where estranged children get a decedent’s assets and their stepchildren, who they wanted to leave something behind for, get absolutely nothing. You need to at least have a will in place.
Should I Set Up a Trust for My Stepchildren?
You can name your stepchildren in your will. Leave behind specific instructions about which assets or specific pieces of property you want to leave for them and they will get it. The items all still need to go through the probate process though. This can take a while and cost your family a bit of money in court fees.
For that reason, we recommend setting up a trust. A trust allows you to pass down assets without the need for the probate process. Certain types of trusts can even allow you to pass down assets while you are still alive. Our lawyers can work with you and help you figure out which kind of arrangement works best for you and your family.
Can I Name Stepchildren as Beneficiaries on Bank Accounts?
You can also leave your stepchildren assets by making them the beneficiaries on certain accounts or policies. You can make sure that a life insurance policy pays out to your stepchildren. It’s also possible to make accounts like savings accounts, checking accounts, IRAs, and investment accounts payable on death to one or multiple stepchildren. As long as you were of sound mind when making these beneficiary designations, they should be difficult to challenge.
Meet With an Estate Planning Lawyer
So if you want to make sure that your stepchildren get a fair share of your estate, meet with an attorney and make a plan. Contact the Lauterbach Law Firm to schedule a consultation. Every estate is different, so let us help you get to work on making a custom plan that makes it easy for you to pass on assets to your loved ones.
