While planning your estate and will is vital for ensuring that your family is well taken care of, life happens, and the planning process is continuously put off. While we can urge you to start planning today, let’s look more in-depth as to why you should plan out life insurance and the issues that can arise if you don’t plan for the what-ifs of life. To be more specific, let’s look into what can happen in the case of stepfamilies, where the parents are remarried.
One common misconception about being a stepparent is that while you are the parent of the child, you are not the legal guardian if something were to happen to the biological parent. Just because the craziest what-ifs of life may seem like a fantasy, there is still a genuine concern that the most unlikely scenario could become a reality. That is why it is better to create a plan now rather than wait for an unlikely incident that puts you and your family in a tough situation.
In Kim’s latest webinar videos, she explores several possibilities that could happen to stepfamilies that leave one or both unable to care for their family. Depending on the possibility, there can be incidents where the stepparent is left to care for the child. In these scenarios, it is essential to remember the restrictions that stepparents face.
Just because they are considered the parent of the child does not correlate to them being the legal guardian for them in cases where the biological parent is absent. During these incidents, you would assume that the stepparent has legal custody over the child to make decisions on behalf of the child’s well-being. But if an estate plan was never put in place to designate the stepparent as the legal guardian, they have no legal right to do so.
The main reason to create an estate plan, life insurance policy, and draft a will now is to avoid these complications. It is no big secret that family law tends to favor the traditional family structure. Because of this, if left unprotected and a biological relative challenges the stepparent’s guardianship, the stepparent stands a very slim chance of winning the legal right.
When situations like these arise, you can take measures to prove that you are the best fit to raise the child. At Wills & Wellness, we offer mediation where a resolution can be reached without going to an ugly all-out battle in court that runs the risk of dividing your family. In cases where the biological parent is not deceased, they can designate the stepparent as the legal guardian to care for their child in their absence.
While none of these solutions are bulletproof without an established estate plan and will, they can help mitigate the risk in these situations. You can learn more about what you can do to provide an estate plan and life insurance plan for your stepfamily in Kim’s latest videos.
Unlike traditional family estate planners, we are here to help you secure you and your family’s futures. Contact us today if you find yourself in one of these situations.