If you have stepchildren, you may want to leave something behind for them after you pass away. If this is the case, you absolutely must have a will or an estate plan in place. This is the best way to ensure that your wishes are honored and that your assets can pass to your stepchildren without drama or legal battles. A Washtenaw County estate planning attorney from our firm can help you prepare.
Do My Stepchildren Have Any Right to My Estate?
The main issue to worry about is that stepchildren have no claim to a step-parent’s estate and assets. If you pass away without a will, the state will decide which family members will get your assets. Your spouse should receive something and your children may get a share of the estate as well, but your stepchildren will get nothing. This is why you need to have a will and a clearly laid-out estate plan.
Can I Name My Stepchildren in a Will or Trust?
Yes, you can name your stepchildren in your will and make it clear what assets you want to leave behind for them. As long as your will adheres to legal standards and you were of sound mind when writing it, this should hold up and be difficult to challenge. The executor of your will can carry out your wishes and make sure that the right assets reach the right people.
Alternatively, you can set up a trust that would distribute your assets to your stepchildren. There are many different types of trusts and all types of assets can be placed in them, including personal items and mementos that may have more sentimental value than monetary value. Some trusts can also allow you to pass down certain assets while you are still alive. As an added bonus, assets in a trust do not have to go through probate, meaning that your beneficiaries will get their inheritances faster.
Can I Name Stepchildren as Beneficiaries on Policies or Accounts?
Some types of accounts allow you to name a “payable on death” beneficiary. You could pass on a savings account, investment account, or retirement account to one of your stepchildren this way.
You can also make your stepchildren the beneficiaries of a life insurance policy. When you pass away, the policy pays out to one or more of your stepchildren. You can leave them these accounts and policies in addition to other assets.
Contact Our Estate Planning Lawyers
If you want to make sure that something gets left behind for your stepchildren, you should act now. Contact Collis, Griffor & Hendra to schedule a consultation with our team. We are ready to help you make a comprehensive estate plan that includes all of your loved ones.
