Posted by Dana Law Group on March 9, 2021
The last thing most of us want to think about is what will happen to all of our assets after we have died. Proper estate planning is essential to make certain that your wishes will be honored. Unfortunately, many people are not aware of how easily their wishes can be disregarded if they do not plan accordingly. This is especially true when it comes to your children and a poor estate plan can see them disinherited entirely by accident.
The majority of people who plan for what will occur after they have passed want for the majority of their assets to fall under the control of their spouses. They may use a beneficiary deed or joint tenancy deed to ensure that if they should pass away, their spouses inherit assets such as real estate, bank accounts, and other financial accounts. While this is common and to be expected, it offers a loophole through which your children can be denied your inheritance following the death of your spouse.
The primary pitfall is if your spouse remarries following your death. Upon marriage, all the assets that you believed would be passed onto your children are now under the control of your spouse and his or her new partner. This often results in lawsuits when children attempt to collect their inheritances after the passing of their second parent.
Unfortunately, any real estate or assets that your spouse puts under joint ownership with someone else can be transferred to your partner’s new spouse instead of your children. In most cases, your children will not have a claim to those assets. They will be given to someone else entirely simply because you did not take the right steps ahead of your death to make sure that your children would receive what you wanted them to have.
There are a number of remedies available that you can use to ensure that your children receive the inheritance you want to provide for them. Here are some common tools that should be used when planning your estate.
The attorneys at Dana Law Group know how to make sure that your estate planning goes according to your plans by eliminating loopholes and legal pitfalls. We serve clients throughout Arizona, so if you live near Sedona, Phoenix, Sun City, Avondale, Tucson, Scottsdale, Mesa, Prescott, or Payson, contact us today to arrange a consultation.