Adopted Children and Ability to Inherit

Children are adopted for a variety of reasons, whether it is due to a couple’s inability to have children, a general disposition towards adopting, or by a family member when someone dies. Many people who are adopted view themselves as the children of their adopted parents, while some continue to communicate with their biological parents. What happens legally when the biological parent dies and a biological child seeks to inherit under his or her will, or the adopting parent dies without leaving a will for the adopted children? Continue reading

Estate Planning

Once your marriage is terminated, it is critical to re-evaluate any of the estate planning mechanisms that you have put in place. This would include reviewing your wills, trusts, financial powers of attorney, health care power of attorney, and living will. This will also include review of your beneficiary designations for your 401(k), IRA, life insurance policies, pensions, and annuity plans. Any transfer on death (TOD) bank accounts and payable on death (POD) accounts must also be reviewed. Simply because you have terminated your marriage does not mean these designations of your ex-spouse are void. If you do not re-evaluate these matters, your ex-spouse could potentially receive your hard earned assets upon your death. Continue reading

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