When it comes to planning the fate of our assets and protecting our wealth, it’s important to consider all available options, especially if you have children born outside of marriage. In situations where you are married and have acquired assets with your spouse, but have children from previous relationships, it’s crucial to take steps to ensure your wishes are carried out and your estate is distributed according to your instructions.

Risks to Your Estate

If you don’t take specific measures to protect your estate, there’s a risk that your children born outside of marriage could claim a portion of the assets in the future, especially if they don’t have a close relationship with you or your spouse. This could lead to prolonged legal disputes and the possibility that your wishes may not be fulfilled.

The Role of a Living Trust

An effective way to avoid these undesirable scenarios is to establish a Living Trust. A Living Trust allows you to legally transfer ownership of your assets to a trust during your lifetime, specifying how you want those assets to be managed and distributed after your death.

Protecting Your Spouse

By establishing a Living Trust, you can ensure that your spouse is protected and retains control of the assets you acquired together, even if you have children from previous relationships. This is especially important if you want your spouse to be the primary beneficiary of your estate and prevent your children from previous relationships from claiming a share of those assets.

Within the Living Trust, you can clearly outline your wishes regarding the distribution of your assets, including excluding children born outside of marriage if you wish. By doing so, you can ensure that your assets are distributed according to your wishes and avoid potential disputes among your heirs.

Disinheriting children born outside of marriage can be a delicate process, but it’s possible to take steps to protect your estate and ensure your wishes are fulfilled. By establishing a Living Trust and clearly specifying your instructions regarding the distribution of your assets, you can avoid future legal disputes and provide security for both your spouse and your heirs.

It’s always advisable to consult with a legal or financial advisor to ensure that your estate plan meets your specific needs and circumstances. Interested in learning more about this? Schedule an appointment here for more information!

Disclaimer: I am not a lawyer and do not provide tax or legal advice. My content is purely informational and educational and should not be considered as legal, tax, investment, financial, or any other type of advice.