Page 4 - Jupiter West - November '24

Page 4, Jupiter West
Won’t My Spouse And Kids Inherit Everything When I Die?

Part 2 Of 2 to be the children’s guardian. In such situations, the judge seeks agreement. Without one of these agreements, you can try to
to act in the children’s best interests and gathers information on omit your spouse from your will or your trust, but state law
By Anné Desormier- the parents, the children, and the family circumstances. But the may kick in to require that a surviving spouse (who, again, is
Cartwright, JD, Esq. decision is up to the court; the judge, following the priority listed treated as being legally married to you) be given a share of
You may think that if you in the state’s law, may not choose the person that you, as their what you own.
die while you are married, parent, would have chosen. If you had created a valid will during If you are separated from your spouse and your divorce is
everything you own will your lifetime, you would have been able to communicate with pending, talk with your divorce lawyer and an estate planning
automatically go to your the judge whom you would have liked to appoint as guardian. attorney about your options.
spouse and children. Last You can also name a preneed guardian in preparation for the The best way to safeguard and pass along what you have
month we talked about death of both parents while a child is a minor. worked so hard to build is to talk to a qualified estate planning
traditional families and More importantly is when the parents own a home, the attorney. Protect yourself, your family, and your money and
blended families. minor children cannot hold legal title to anything. That means property by contacting us today.
What really happens the home is held in the name of the guardianship until the If you have questions about your estate plan and what
at death with transferring youngest biological child turns 18 years of age. There are documents you should have in place to plan your estate, schedule
your assets. Another issue with relying on state law is that ways to avoid this through a homestead trust, but you must a free consultation today by calling our office at (561) 694-7827,
none of the transfers to your loved ones happen automatically. own the home outright to use this vehicle of ownership. If not, Anné Desormier-Cartwright, Esq., Elder and Estate Planning
Your family typically must open a probate estate with the court the guardianship owns the home unless the court approves the Attorneys PA, 480 Maplewood Drive, Suite 3, Jupiter, FL 33458.
and go through the process specified in state law before your sale of the home but there must be compelling circumstances The content of this article is general and should not be relied
property can transfer out of your name and into theirs. This for approval. upon without review of your specific circumstances by competent
process can be long and costly. It is also public. Many people What if you and your spouse are separated? State law legal counsel. Reliance on the information herein is at your
would prefer that an inventory of their property and the details decides what happens to your money and property if you are own risk, as it expresses no opinion by the firm on your specific
of their family life be kept out of the public eye. Perhaps the separated from your spouse when you die. In some states, the circumstances or legal needs. An attorney client relationship is
best way to keep your matters private is by creating and funding court ignores your separation and still considers you legally not created through the information provided herein.
a revocable living trust while you are alive and have the legal married. If the state intestacy law (which, again, applies if you To comply with the U.S. Treasury regulations, we must
capacity to do so. die without a valid will) grants spouses a share of your property inform you that (i) any U.S. federal tax advice contained in this
Families with minor children. If both parents of minor- at your death, as most do, then your estranged spouse may be newsletter was not intended or written to be used, and cannot
aged children die without an estate plan, then the children are entitled to all or a portion of it when you die. be used, by any person for the purpose of avoiding U.S. federal
left without a legal guardian. Kids do not automatically go to a Also, some state laws or court orders prohibit you from tax penalties that may be imposed on such person and (ii) each
godparent or grandparent, even if that is what everyone knew disinheriting your spouse after you file for divorce but before taxpayer should seek advice from their tax advisor based on the
the parents had intended. Instead, a court will appoint someone it is finalized unless you have a prenuptial or postnuptial taxpayer’s particular circumstances.

Medicare Corner

With Kathy O

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Medicare Corner on page 5

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