Once you adopt a child, it’s important to work to ensure that either a new estate plan or a revised one reflects the new structure of your family and provides for your child’s future. Proper estate planning can help to ensure their well-being if anything were to happen to you.
If you don’t already have a will, now is the time to create one. A will allows you to specify how your assets will be distributed after your death, and it’s important to name your adopted child as a beneficiary to ensure that they are explicitly included in your estate. Although adopted and biological children generally have the exact same legal rights, it is important to leave zero room for confusion in the event of your death.
Making plans for the future
Another important aspect of estate planning after adoption is appointing a legal guardian for your child in case both you and your spouse or partner pass away. While it’s a difficult decision to make, it’s important for your child’s well-being. Without a guardian named in your estate plan, a judge will decide who takes custody of your child. And, if you’re like most people, the idea of the state making that decision is abhorrent to you.
You may also want to consider setting up a trust for your adopted child. A trust allows you to designate funds that will be managed for your child’s benefit in the event of your passing. You can specify how and when the funds are distributed, such as for education, healthcare or other needs. You’ll designate a trustee to manage the assets, which can be particularly important if you’re concerned about leaving a large sum of money to a minor child.
Finally, if you’ve adopted a child from a foreign country, there may be additional legal considerations that you’ll need to account for, such as ensuring the adoption is fully recognized in the U.S., which could impact their inheritance rights.
Estate planning after adopting a child is an important step in ensuring your child’s future is protected. Seeking personalized legal guidance can help to ensure that your plan reflects your family’s unique needs and circumstances.