Is This Your Child?

I was walking this morning and thinking about how important it is to plan these days. Can you imagine that after your death, someone claims to be your child? This is a person that no one in your family knew existed. This happens more than you might think. Anna Nicole Smith's attorney had stated that some of the provisions in Anna Nicole Smith's will was to address this concern. Both men and women need to address clearly who they intend to be the beneficiaries under their will.

As I have pointed out before, you do not have to provide for your children in your will. However, those who may claim to be your children, though they were not named in the will, can allege that it was an oversight. If you just state that you provide for your "children" without defining, then they claim rights under that broad designation. If you die without a will, the intestate laws provide for distributions to children.

So, is this your child may be a question that has to be answered after your death. Your planning can at least make clear your intention regarding inheritance rights.

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Guardianship - Lessons from the Celebrities

The issue of guardianship is just such an important part of one's estate plan that it can not be stressed enough. I am reminded of the case of Anna Nicole Smith. It illustrates the importance of determining guardianship in a current will. Former Playboy model celebrity Anna Nicole Smith (Vicki Lynn Marshall) died in 2007 at age thirty-nine, leaving a five month old baby, naming no father, and having an obsolete will that left everything to a deceased son and omitted provisions for future born children.

Even after paternity was determined, the litigation and law commentaries continued over other unresolved questions. My advice is to take the time now to survey the list of potential guardians for your minor children, make a decision regarding guardianship, and stay current by updating your will when necessary. In fact, the lesson to be learned from this case is the importance of a properly drafted estate plan in order to protect your children who are an essential part of your legacy.

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