As time passes, families grow and change. These changes to your family may influence the decisions that you make as you create your estate plan. When you sit down to meet with your attorney, you may wish to discuss Anaheim estate planning specifically for children from previous marriages. Taking care of your children is likely a high priority. Fortunately, there are excellent estate planning tools available that can balance your goals of taking care of spouses and children from previous relationships.
What are some options that you might consider if you are creating an Anaheim estate plan for children from a previous relationship? The following are some of the many options that may be available to you:
- Consider making your child the beneficiary of a life insurance policy. Regardless of the provisions of your will or trust, you can rest easily knowing that your child will receive the proceeds from the policy.
- Consider making an outright distribution of your assets to your child at the time of your passing. This will ensure that your surviving spouse does not change the terms of your estate plan following your death to remove your child as a beneficiary.
- Consider setting up a separate trust for the benefit of your child and funding it with specific assets.
- Consider making gifts to your child during your lifetime.
- Consider carving out a specific share for your child and placing it into a sub-trust.
Each of these decisions could have a substantial impact on your overall estate plan and should not be undertaken without the guidance of a knowledgeable professional. For more information about creating an estate plan for your children, contact an experienced Anaheim estate planning attorney at the Law Office of James F. Roberts & Associates, APC, today at (714) 459-5481.