The Impact of Adoption on Inheritance for Adult Children
When a person is adopted, it is as if they were born to their adoptive parents. This process legally severs the original birth parents' rights and obligations, establishing the adoptive parents as the legal guardians with full custody.
It is important to note that adopted children are considered legal children and have the same rights as any biological children of their adoptive parents. For instance, I have 4 biological children and 3 adopted children, all of whom are 100% legally my children with the exact same rights and privileges.
Understanding Inheritance Rights
Inheritance rights come into play when someone dies without leaving a will or any form of estate planning. In such cases, state laws determine who receives what from the deceased's estate. However, if an individual has a well-defined will or other estate planning measures, such as a trust, they can specify precisely who should receive their assets. This freedom means that it is not mandatory to leave your assets to your spouse, biological children, or other relatives; instead, you can bequeath them to friends, other relatives, charities, schools, churches, or even your pets if so desired.
Estate planning allows you to distribute your assets according to your wishes, ensuring that your loved ones are taken care of in the way you see fit. Additionally, it gives you the flexibility to distribute your estate in a way that does not necessarily favor all of your children equally.
What Happens When Someone Dies?
When someone passes away, the process of distributing their assets is known as inheritance. However, this can only occur if there are assets left over after all debts are settled. When a person dies, several bills such as loans, mortgages, credit cards, medical bills, and funeral expenses must be paid. The estate is responsible for these charges, and if the deceased has more debt than assets, there might not be anything left to distribute.
In the event of insufficient assets to cover debts, the estate administrator or legal representative, who are essentially the same role, can sell the deceased's assets to raise funds, pay off the debts, and cover funeral expenses. The representative often charges a fee, typically between 3% to 5% of the total estate value, for managing the estate. This fee is a common practice but can vary based on the jurisdiction and legal guidelines.
Conclusion
The impact of adoption on inheritance for adult children is significant. Adopted children have the same inheritance rights as biological children, ensuring they are considered in the distribution of an estate. However, proper estate planning is crucial to ensure that your wishes for the distribution of your assets are honored, regardless of whether you have biological or adopted children.