Including stepchildren in your estate plan can be a difficult decision. You want to make sure that your biological children are taken care of, but you also want to provide for your stepchildren in case something happens to you. A Tampa trust lawyer can help you draft a plan that meets the needs of both your bio-family and your stepchildren.
There are a few things to consider when deciding whether or not to include your stepchildren in your estate plan. The first is the nature of your relationship with your stepchildren. If you are close to them and they are a part of your family, it makes sense to include them in your plan. If, however, you don’t have a close relationship or if they are not financially dependent on you, it may not be necessary to incorporate them into your estate.
Another thing to consider is the age of your stepchildren. If they are adults, they can likely take care of themselves and don’t need to be included in your estate plan. However, if they are minors, you will likely want to make sure that they are taken care of in case something happens to you.
Finally, if you already have an estate plan, you may need to update your documents so that your wishes for your stepchildren are properly reflected in your will, trust, or designation documents. Remember, stepchildren are not considered “legal heirs” under the law, so it may be necessary to make the following changes:
- Modify the language in your will or trust to include the word “stepchildren” instead of just “children.”
- Update the named beneficiaries of your life insurance policy, 401(k) plan, IRA, and other non-probate assets.
- Appoint your stepchild(ren) as power of attorney so they have the right to make medical or financial decisions when you can no longer speak for yourself.
- Appointing your stepchild as the personal representative of the estate or successor trustee of your trust to manage and distribute your assets upon your death.
No matter how you plan to structure your estate, make sure to have open conversations with your family about your intentions. Everyone should understand your final wishes and the part you want your stepchildren to play in your estate (if any). Communicating openly means there won’t be any surprises when it comes time to settle your estate, possibly preventing costly and time-intensive courtroom battles within the family.
If you have additional questions about estate planning for blended families or you need assistance updating an older plan, please feel free to contact our Tampa trust and estates law firm at (813) 438-8503 to schedule an appointment.