Did you know that 83% of Americans understand the importance of estate planning? Yet, only 31% have a will. This data shows a big gap between knowing and doing. Many people put off planning their estates. They think they’re not wealthy enough or that it’s too complicated. These thoughts stop them from taking action to secure their wealth and legacy.
After a parent dies, every child faces the perplexing question of how to divide their property or money. The situation becomes particularly complicated when considering children from both legitimate and illegitimate relationships.
Illegitimate children were commonly left out from all considerations of inheritance, but that has changed recently and more rights are afforded now to the illegitimate child. An attorney should get involved, explaining the rights to the family and helping them through the process of dividing the estate so that all are treated fairly under the law.
According to family attorney Tamara Shari Benefield, Esq., a family law lawyer will serve as your go-to for questions about the process and help negotiate the best outcome for your family.
Let’s talk about how inheritance and estate division work for both legitimate and illegitimate children.
Understanding Legitimate and Illegitimate Children in Legal Terms
The law states that legitimate children are conceived by parents that are married, whereas illegitimate children are not accorded such status. This distinction may lead to differences in inheritance rights.
When a parent passes on, legitimate children receive inheritances directly from the estate. This means, as a legitimate child, you have a rightful claim to your parent’s property, money, and assets. In many instances, the division of the estate would follow a will. Otherwise, it will be common law that institutes the procedure for inheritance.
In certain states, illegitimate children may inherit from a biological parent who has recognized them legally, usually through some formal recognition or a will. Without such legal recognition, your claims might be difficult to make.
If legal considerations are not on your mind, families should also be considering the inheritance tax, which can come into effect depending on the size of the estate and state laws. You should think about this tax when you plan for your estate and speak with a family attorney, since it could change the amount given to each child.
It helps clarify your rights, allowing you to assert your rightful place in the family. You can discuss inheritance with confidence.
The Impact of Modern Family Structures on Estate Planning
Today, families come in many forms, like mixed families and same-sex marriages. Single-parent homes are also common. These diverse family setups greatly influence estate planning. They can change how estates are divided. They also decide which children, legal or not, inherit a fortune.
Including your kids from a past relationship in your will is critical. This can prevent people from feeling left out and diminish any chance of disputes. Same-sex partners face varying inheritance rights, depending on where they happen to live.
Let your family know what you want. Be prepared to change plans as your family grows and changes.
Handling Disputes and Challenges in Estate Division
When feelings are high during the process of dividing the estate, keep all lines of communication open. Gather people to give them a safe environment to voice their concerns and feel their way through them. Getting those feelings out can be the first step in helping one another work through their grief. Try to validate each person’s perception to help everyone reach a mutual understanding.
If, however, an agreement cannot be reached between the two parties, the assistance of a third party may be sought. This person can help them talk things out. If mediation fails, the case could go to court.
In court, a judge will carefully examine the laws and evidence. This examination aims to determine how the estate will be divided. It’s the last step in solving the dispute.
Evaluate what the deceased wished for and the reason for his or her arrangements with their estate. It is very important to record whether any agreements or disagreements occurred so as not to be confused later on. The solution should be mutually acceptable in recognition of the name of their beloved and in preserving family relationships.
Promote cooperation instead of opposition, and be prepared to make some compromises. At the end of the day, relationships nurtured can sometimes be far more valuable than any material possession.
