For all the following situations, we are solving for the following: Who, What, When, and Predeceased Heirs.
Clients who are expecting their first child or want to have children in the future should add the following to their Estate Plan:
Make a note in the plan of their intention to have children in the future or that they are expecting their first child.
Enter the client’s selected Guardian(s) for the child now.
Do not enter a specific name for the child if they are unborn.
Include any desired age-based restrictions.
Include how they would like to handle heirs that may predecease them.
Name contingent beneficiaries, as having a child is not guaranteed.
If the client already has children and expects to have more in the future, add a note to the support team at Encore regarding this and the fractional shares for each beneficiary.
Complete the above and exclude naming contingent beneficiaries. The current living children will be listed instead.
Examples-
The clients want to have more children in the future.
The clients want to have more children in the future, and they want all their children to have an equal share of the estate with the same age-based restrictions. They would like any predeceased child’s share to pass on to any heirs they might have. (As indicated for the current living children.)
The clients are expecting their first child.
The clients are expecting their first child and would like the child to be the beneficiary of their estate with the following age-based restrictions... If any child they might have predeceases the clients, they would like the share of the predeceased child to be passed on to any heirs they might have. Or, to both client’s nieces and nephews in equal shares if there are none. If they are minors, the same age-based restrictions would apply.
The clients would like to have children in the future.
The clients would like to have children in the future. They would like the children they may have in the future to receive equal shares of the estate. If any children predecease the clients, their share should lapse/pass on to any natural-born or adopted siblings they might have. Should they not have heirs or siblings, we name “Clients Contingent Beneficiary” as the beneficiary. Include whether the contingent beneficiary would need age-based restrictions.