USMCHokie Posted January 20, 2015 Posted January 20, 2015 Relatively straightforward question...when you are in a relationship where you only have a stepchild with whom you have no parental relationship and no plan of having children on your own, how do/would you handle estate planning where you provide an overwhelming majority of the income/assets?
anne1707 Posted January 20, 2015 Posted January 20, 2015 I am guessing you would want to make sure your partner is provided for if you were to die first but then would not be altogether happy if her daughter then inherited everything on her death with nothing going to family or others you may wish to provide for. Maybe some kind of trust arrangement could work which provides reasonable conditions in how it is operated. You really need to speak to a solicitor who is very experienced in wills. I know my father's will is done in such a way that my stepmother is naturally the key beneficiary however on her death, there are provisions in his will which will mean that my brother and I will be beneficiaries. She cannot (and would not want to) change this.
carhill Posted January 20, 2015 Posted January 20, 2015 If the assets are already in place and you're positive about the inheritance, an irrevocable trust would work fine. If not, then a revocable trust into which assets can ebb and flow as appropriate, the stepchild(rens) portion(s) becoming irrevocable upon your death if you so choose. There is some tricky stuff with spouses who are also trustees, as is customary, and an estate planning attorney is a good source of more specific information. One question to ask them is if statutes respecting trust protectors have been established in your domicile jurisdiction. IANAL and my main contact with this has been as a successor trustee and managing trustee for a couple trusts, as well as doing some of my own estate planning with my law firm post-divorce. Hence, different situations than yours. Good luck! 1
Emilia Posted January 21, 2015 Posted January 21, 2015 I don't know US law but depending on individuals, perhaps picking someone other than your SO as a trustee would work the best - though as you know lawyers are expensive. I think carhill's point is a good one on taking expert advice on pitfalls. 1
Tayla Posted January 23, 2015 Posted January 23, 2015 Contact an estate planner. There are too many variables involved to make a blanket statement. Will agree that a non partisan person is often suggested as the executor for delegation. 1
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