Is An Estate Plan Really Necessary After An Adoption?
Updated: May 21, 2020
After completing an adoption, and spending money to do so, the last thing you may be thinking about right now is spending more money to complete your estate plan.
Although it is tempting to not want to deal with any other legal things at this time, this is actually the best time for you to prepare your estate plan. An adoption brings peace of mind and security to your family, but an estate plan takes that a step further and ensures that your children will be cared for by someone you trust when you pass away.
If you understand the importance of getting your estate plan prepared but want to keep it to the bare minimum you need, then get your Will prepared. It is the most important and easiest estate plan document to prepare depending on how much property you own. It is also important because it establishes guardianship for your children if you pass away.
If you own a lot of property such as businesses, rental properties and more, an estate plan is even more important because you will need to think about whether you want your minor children to inherit all of your property when you pass away.
Your Will also establishes conservatorship for your children. A conservator is simply someone you trust to take care of your finances on your child's behalf if you pass away before they become adults.
So now that your adoption is finalized, it is really important that you think about the next steps in securing your child's future by preparing your estate plan.