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It is important for all parents to plan for their child’s protection and care in the future and having an estate plan will ensure this kind of protection. Estate planning when an adopted child is involved is often a complicated process, as it involves a number of factors that are not necessary when planning for other children. As such, estate planning that includes an adopted child requires careful consideration of issues such as guardianship choices, the establishment of a trust, inheritance rights, and other special financial considerations.
When designating a guardian, it is important that he or she understand your family’s unique circumstances. You will want to choose a person who knows the details of your family’s adoption and is willing to maintain the lifestyle that you have chosen for your adopted child. It may be a good idea to leave the designated guardians documentation that provides all the details of your child’s adoption. Also, you must make sure that you choose a guardian who is comfortable with the terms of your adoption. If, for example, you are in an open adoption, then you will want to choose a person who is open to maintaining this relationship with the child’s biological parents.
If you have an adopted child, particularly if it is an open adoption, the need to establish trust is extremely important, as there may be a number of people outside your immediate family, such as the child’s birth parents, who have a direct interest in your child’s life. Holding assets for your child in a Trust under the control of a trustee, whom you have chosen, will help to protect your child’s interests and will ensure that your assets will be used directly for your child’s benefit.
An adopted child only has rights to your estate once the adoption has been finalized. The length of time it takes to finalize an adoption depends on where the adoption was initiated, as well as a host of other factors. This process can take anywhere from six months to several years to complete. In the event that you pass away before this process is complete, the child would not be entitled to any of your assets. Once you begin the adoption process, you may wish to consider amending your Will to include your adopted child. This way, your Will can include specific language that categorizes the adopted child in the same manner a biological child or a child whose adoption has already been finalized.
Caring for an adopted child may require you to “put some extra thought into” a number of special provisions. If, for example, you adopted a child internationally and wish to expose the child to his/her home culture, then your Will and Trust should reflect these desires. In order to ensure that these wishes are carried out, you should consider making provisions in your Trust that specify your desires.
Consulting with an attorney who specializes in estate planning will help you to consider your options and can help you make the right choices for your family.
Bernard Krooks is a New York Elder Law and New York Estate Planning lawyer with offices in White Plains, Fishkill, and New York, New York. To learn more, visit Littmankrooks.com.
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4 Responses to “Factors to Consider When Estate Planning in an Adoptive Family”You must be logged in to post a comment.
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