Estate planning often revolves around ensuring that your assets are distributed according to your wishes upon your passing. A crucial aspect of this planning involves the definitions used in legal documents such as wills and trusts, particularly the definition of “descendants.” As societal norms and technologies evolve, especially in the realm of reproductive technologies, it’s paramount to reassess and possibly update these definitions to prevent unintended consequences. This blog post will explore why modernizing the definition of descendants in your will or trust is beneficial and necessary.
Why Update the Definition of Descendants?
- Technological Advances in Reproduction: With the advent of Assisted Reproductive Technology (ART), such as in-vitro fertilization (IVF), surrogacy, and even posthumous conception, the traditional concept of who qualifies as a descendant can become complicated. Older wills and trusts often have outdated language that may not include children conceived through these modern methods. For example, a child born after the death of a benefactor through stored genetic material (sperm or eggs) might not be considered a descendant under old legal definitions, potentially disinheriting them unless the document is explicitly clear. This could lead to emotional distress and familial discord, as loved ones may feel their rightful inheritance is being denied.
- Changes in Family Structures: Family structures have diversified significantly. Blended families, adoptions, and guardianships are more common and can blur the lines of direct descent. Traditional definitions may exclude stepchildren, adopted children, or others who are considered family members by all practical accounts but not by outdated legal terminology.
- Legal Clarity and Dispute Prevention: Vague or antiquated definitions can lead to legal challenges among potential heirs, often resulting in prolonged court battles that can drain estate resources and cause familial discord. For instance, if a will does not explicitly include children conceived posthumously or through ART, they may be excluded from inheritance, leading to potential legal disputes and financial losses. Clearly defining what constitutes a descendant can help prevent such disputes and ensure your assets are distributed as intended, protecting your financial legacy.
How to Update Your Will or Trust
To update the definition of descendants in your estate planning documents, consider the following steps:
- Consult an Estate Planning Attorney: Legal advice is crucial as laws vary significantly by jurisdiction. An attorney can help draft a definition encompassing all potential descendants, including those from ART or complex family situations.
- Incorporate Specific Language: Specify whether children conceived posthumously or through ART are included. Additionally, consider how to treat stepchildren, adopted children, and those under guardianship.
- Review and Update Regularly: As laws and family circumstances change, updating your will or trust is essential to reflect these changes. A periodic review every few years or after significant family events (births, deaths, marriages, divorces) is advisable.
Why Modern Definitions Matter
In a world where the definitions of family and descendants are continually evolving, it’s critical to ensure that your estate planning documents reflect your true intentions. Updating the definition of descendants in your will or trust aligns with modern ethical standards and safeguards against potential legal disputes, ensuring that your legacy is passed on as you wish. By taking these steps, you can provide clarity and peace of mind for yourself and your loved ones. The benefits of updating your estate planning documents include: ensuring your assets are distributed as you intend, avoiding potential legal disputes, and reflecting the modern realities of family structures and reproductive technologies.
If you are a Legacy client and have questions, please do not hesitate to contact your Legacy advisor. If you are not a Legacy client and are interested in learning more about our approach to personalized wealth management, please contact us at 920.967.5020 or connect@lptrust.com.
This newsletter is provided for informational purposes only.
It is not intended as legal, accounting, or financial planning advice.
