How to protect my children’s rights as beneficiaries?
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How to protect my children’s rights as beneficiaries?
I am in an unmarried relationship and have 2 adult sons from my (first) marriage. My partner and I have created (and notarized) Wills and powers of attorney concerning health matters and assets. We have no real estate property. Is this sufficient to ensure that we both and my sons remain the uncontested beneficiaries of these assets?
Asked on November 29, 2012 under Estate Planning, New York
Answers:
Victor Waid / Law Office of Victor Waid
Answered 11 years ago | Contributor
I am not sure I understand the question, but your respective wills control the disposition of the assets you bring to this relationship, and the powers of attorney merely give the power to operate on your behalf if your incapable to manage your own affairs to the other person. I suggest you seek the services of an estate planning attorney, both of you, and set up individual trusts for yourselves, in conjunction with powers of attorney with pourover wills; the front end cost will be a lot cheaper than a probate of your wills.
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