Depending upon when and how your Will was drafted, you may have accidentally disinherited your youngest child.
The following is a transcript of the video above:
Hello, I am Don Rolfe, owner of Northwest Legal Planning, estate planning and probate law firm located in West Linn, Oregon, and I am jumping on here real quick today to let you know about something I ran across with some potential clients that I met with the other day.
And it was that their will had accidentally disinherited their youngest child. So this couple had, well before I get into that, if any of this might apply to you, you can click on the link above this video or go to myestateplanmeeting.com and schedule a free time to chat with me on the phone or in person to answer any questions that you have about this, or you can leave a comment down below.
So, this couple that I met with had three children, and after their second child was born, they did the responsible thing and they went and had an estate plan prepared. And it was a will-based estate plan, and in their wills, it specifically set forth that they were leaving 50% of their estate to child one and 50% of their estate to child two, and it didn't mention anything about after born children, after adopted children.
It just simply split their estate right down the middle between the two kids. And a few years later, child number three came along. And child number three's 10 years old now. And when they brought in their wills, I was so happy to be able to find this for them and point out the fact that child number three was sort of disinherited from the parents' estate plan because of the fact that the way the plan was drafted was 50% here, 50% here, and there was no contingency for the third child that wasn't in existence when the plan was put together.
Now I run across this every once in a while where there are specific splits for the children. A lot of estate planning attorneys don't do that. I do not do that. I actually, when we're splitting things equally among kids, we will set it up so that it includes not only the children that exist at the time the plan was created but also children that were later born or adopted by the parents. But, if I didn't create your plan, or even if I did create your plan and you might have questions about that to make sure, it's something you really want to check out.
And obviously you can read, and you can probably look at it yourself, but, just, no pressure, but if it's important to you, you're probably going to want to have somebody take a look at that. And you can talk to me about that for free and I'll take a look at it for free. All you have to do is schedule a time for us to meet face-to-face and get to know one another.
So again, if you have an estate plan in place and it was put together before all of your children were born, you're going to want to make sure that you haven't accidentally set it up in such a way that the last child that was born, maybe the last two if you put this will together right after your first kid was born, make sure that you're not disinheriting the younger children.So, anyway, again if you want to, if you have any questions about this, you can leave them in the comments below. I'm happy to answer them there. But if it's something more personal, a little bit more specific, or something different, you're always welcome to schedule an in-person or telephone consultation with me for a half hour by going to myestateplanmeeting.com. Until next time, take care, bye.
Father, husband, entrepreneur, and owner of a trivia filled brain. I help families and individuals plan for the unexpected and end of life. Schedule a Complimentary Strategy Session to chat with me, get answers to your questions, and find out about your Estate Plan options.
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