Page 18 - Southern Exposure - November '24

Page 18, Southern Exposure

eLder estate pLanning

Won’t My Spouse And Kids Inherit

Everything When I Die?

Part 2 Of 2

By Anné Desormier-Cartwright, JD, Esq.

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

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