Estate planning can benefit all kinds of families.
My uncle used to say “you can pick your nose but you can’t pick your family.”
My uncle misquoted the expression of course, but it was his sentiment with which I took issue.
As any step parent, guardian or adoptive parent knows, the child you raise is your child regardless of biology.
So, it stands to reason that as parents, we would want to provide for and protect our children. Even if doing so meant protecting the child of our choosing from the family we were given.
Here is the scenario …
A man has no immediate family except for two siblings. He and the siblings have never been close and so, they became estranged.
The man meets a single mother, falls in love, and marries.
As a married couple, the man and his wife buy a home and save a modest amount of money. Neither have a will, trust or any other estate planning. More so, they are under the impression they don’t need estate planning.
Their plan (plain and simple), is that the other will inherit all of the assets should one of them die. Their daughter (his stepdaughter), now an adult, will inherit what remains when the last parent dies.
The problem is that although the man married the girl’s mother, he never adopted the girl.
Under California law, regardless of whether the man or mom dies first, without a will, the stepdaughter may only inherit one-half of the estate. Depending on the amount of time between when the man and mom died, the man’s siblings are likely to get the other half of the estate. Either way, they are in court wasting time and money which could have been saved with a good estate plan.
So, what is the solution?
As it is our preference that all our scenarios end happily, let’s say … the husband and wife consult an estate planning attorney. They have a will drafted and their assets placed into a trust. Their intentions are legally reflected through their estate plan, and the daughter’s inheritance is protected. Also, no one picks anyone else’s nose … ever. … Then end!
To learn more about wills, trusts, or other estate planning options, please consult a qualified estate planning attorney for a free consultation.
