Dawn Richards LAW

We at Dawn Richards Law would like to wish you and your family a safe holiday as you celebrate the birthday of American independence.

Diversity, Equity and Inclusion in the Workplace sponsored by the North Palm Beach Chamber of Commerce hosted an amazing panel this morning.

ONE YEAR ANNIVERSARY OF DAWN RICHARDS LAW

June 1st marked the one year anniversary of the new office of Dawn Richards Law in the Jupiter Business Center, located at 601 Heritage Drive, Suite 223. Since that time we have grown from one to four employees, served over 100 clients and more than doubled our square footage. We have expanded our service line to include probate services, enhanced our on line presence and participated in many community events, in support of Palm Beach County. We thank our clients, vendors, friends and family for your support and look forward to another year.

THE IMPACT OF BLENDED FAMILIES ON ESTATE PLANNING

According to the U.S. Census Bureau, 40% of families in the United States are blended with at least one partner having a child from a previous marriage or relationship. Making decisions in estate planning becomes a bit more complicated under these circumstances. Where a step-parent doesn't provide for their step-children in a trust or will, the step-child has no legal right to inherit from them. Conversely, when one parent dies leaving everything to the other parent, the step-children stand to inherit everything, leaving the biological children with nothing.

How do you resolve this? A revocable living trust can preserve assets for the other spouse's use during their lifetime but distribute the remaining assets to either the biological children and/or the step-children upon the death of the second spouse. It doesn't happen automatically under Florida statute.

In the case of adoption, the rule is different. Step-children inherit from their biological parents, unless they are adopted by a step-parent or unless provisions are made in a trust or will. The adoption process cuts off the inheritance rights of the step-child from the biological parent and replaces it with inheritance from the new parent.

Knowing these rules is important when you are making decisions about your estate plan. Our firm spends time talking with you about your family and your wishes when we develop a plan tailored to your needs.

I am often asked if an online will is sufficient. While many of them include appropriate legal terms, they cannot create a document that incorporates these variables and anticipates life changes.

Why is it important to tailor your estate planning documents? To avoid controversary and confusion for your loved ones after your death and to make sure your wishes are carried out as you desire.

Call our office for a free consult. 561-891-1294