When you have a blended family, you probably want to make sure that your estate plan includes everyone. You may end up passing down the bulk of your assets to your biological children, but it’s also possible to leave something for your stepchildren. If this is a priority for you, you have to make an estate plan. A Bergen County will lawyer can make it easy to transfer some assets to your stepchildren so that they do not get left out.
How Can I Include Stepchildren in My Plan?
There are a few ways to ensure that some of your assets pass down to stepchildren when you die. Of course, you can just name them in your will and say which assets you want to go to them. That’s a simple enough solution most of the time.
You could also set up a trust and name your stepchildren as its beneficiaries. Trusts avoid the probate process and offer a bit more privacy, so it’s an option many people seriously consider.
Another option is making them the beneficiaries of certain accounts or policies. You can name one or more of your stepchildren as the beneficiaries of a life insurance policy, for example. There are also many financial accounts, like savings or retirement accounts, that have a “payable-on-death” feature. These assets can go right to one or more of your stepchildren when you pass away, if that’s what you want.
Will My Stepchildren Get My Assets If I Pass Away Without a Will?
You really should make sure that you have an estate plan and that your stepchildren are named beneficiaries if you plan to leave anything for them. If you do not have a will, they are unlikely to get anything from your estate. This is because of how the state treats the assets of people who die without a will.
Passing away without a will means that you have died “intestate.” You didn’t make plans about where your assets were going when you were alive, so now the court needs to split them up for you. If you have a living spouse and biological children, it’s likely that the bulk of your estate will go to them. Stepchildren are unlikely to get anything though. The court goes through a long list of relatives before it would get to “stepchildren.”
So if you have any plans to leave something behind for your stepchildren, you should make those arrangements now.
Talk to a Lawyer
If you are ready to learn more about what you can do with your estate plan and how you can ensure that all of your loved ones get something from you when you pass away, we’re ready to help. Contact the Law Offices of Colin M. Quinn to schedule a consultation. An estate planning lawyer can help you sort through your options and make a comprehensive plan.
