Part 1 of a 2-Part Series
November is National Adoption Month. The celebration aims to raise awareness about adoption and the children who need permanent, loving homes. People adopt thousands of children each year, bringing joy to their adoptive families. If you are in the process of adopting or have recently adopted a child, read on. Create or update your estate plan. Make sure it provides for your new family member in the way you intend.
Treat Children the Same in Adoption
Generally, adoptive parents treat the kids they adopt no differently than biological children in estate planning documents. The same applies to estate plans of adoptive grandparents and other family members. If you do not have an estate plan in place, consider several factors. For instance, when a new child—adopted or biological—comes into your life, review your estate plan.
Appoint a Guardian
- Most adoptions involve minor children. Arrange for someone to care for the new child if something happens to you. Appoint a guardian, i.e., a caregiver, in your will. This person will act as your child’s parent if you become disabled or die. So, choose someone who will love the child and can capably take care of them congruent with your wishes.
Appoint an Alternate
- It is also wise to name an alternative guardian in case the first person becomes unable to care for your child at some point in the future. Be sure to obtain their consent to act in this role. Designate a guardian. Otherwise, the court will decide who will take he care of your kids. Name not just a full-time but a temporary guardian, especially if you travel a lot. A temporary guardian will allow the chosen individual to make decisions for your child on a short-term basis if you are not able to.
Consider a trust.
- If you are adopting a minor child, chances are you do not want your child to receive their entire inheritance at 18 years old, should you die before that point. By creating a trust, you can choose a trustee to watch over and use the inheritance for your child’s needs according to your stated wishes. Does your adopted child face special needs? If so, establish a special needs trust to provide funds for the child’s care without making the child ineligible for government benefits.
Properly distribute property and money.
- Particularly if you have decided to adopt as an older parent and already have children, it is important to carefully consider what you would like each child to receive and to make any necessary adjustments to your estate plan. For example, if you have previously established an irrevocable trust—a type of trust that could be quite difficult or impossible to modify—which names your older children as beneficiaries, you may want to make other arrangements to provide equivalent benefits for your newly adopted child.
Adopting Grandchildren
Older children may be financially secure. But adopted children depend on parents for many years. They may need funds to pay for a college education. You should adjust your will or trust to provide for this. Also, a grandparent who legally adopts a grandchild may want to continue to treat the child as grandchild rather than a child for estate planning purposes.
Warning: If you do not include your adopted child in your will or trust—either by naming the child specifically or by making provisions using a class gift (e.g., by giving an equal share to “all my children”), state law will determine how much the child will inherit, which may not reflect your wishes.
Check back next week, as we conclude this two-part series about legal matters relative to adoption.
About Skvarna Law Firm in Glendora and Upland, California
A skilled attorney can assist with your estate plan. Contact us today to learn about your options (909) 608-7671. We operate offices in Glendora and Upland, California. We provide legal services for individuals living in San Bernardino, Los Angeles, Orange and Riverside Counties. This includes the cities of Upland, Ontario, Rancho Cucamonga, Fontana, Colton, Rialto, Chino, Chino Hills, Glendora, Claremont, Montclair, Pomona, La Verne, San Dimas, Azusa, Covina, West Covina, Diamond Bar, Walnut, La Puente, Corona, Norco & Mira Loma. Visit SkvarnaLaw.com to learn more.
