Updating Your Estate Plan When You Adopt or Foster a Child

If you have recently adopted or started fostering a child, you may need to make changes to your estate plan. Including a new child in your family could have altered your wishes for the future. You should consider doing a comprehensive review of your plan and potentially amending several key documents. You may need new estate planning documents too. 

How Does Adopting or Fostering Affect Your Plan?

When you adopt a child, you add a new member of your family. As a result, you may want to leave part of your estate to the child. You also may need legal protections in place for the child in case you cannot care for him or her.

When you foster a child, you do not formally adopt the child. He or she still becomes an important part of your family, and you may stay in close contact in the future even if the foster placement ends. You may want to include your foster child in your estate plan, and you may need temporary legal protections in place to protect him or her as well.

Comprehensive Review of Your Plan

When you confirm an adoption or foster placement, you should do a comprehensive review of your estate plan. This includes reading through your will, trust, and other documents to see if your wishes have changed. You may want to do this review with your lawyer. Also, you should contact your lawyer after the review to prepare any new or revised documents that you need, such as an addendum to your will.

New Estate Planning Documents

In addition, consider whether you need any new estate planning documents. You might want to start a college savings plan for your adopted child, set up medical directives for yourself, or begin forming a trust in favor of your child.

Estate planning can help you plan for your new future with your child or foster child. You can protect him or her and document your wishes for your estate. Doing a full review of your estate plan to make any necessary changes after the adoption or foster placement is a great idea.

Want to make changes to your estate plan? Local attorney Andrew Szocka, Esq. provides thorough and speedy estate planning help in the Chicagoland area. To schedule a free initial consultation, visit the Law Office of Andrew Szocka, P.C. online or call the office at (815) 455-8430.

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