Why Estate Planning Is A Must For Your Surrogacy Journey

The journey towards parenthood, especially through surrogacy, is both an exciting and challenging experience. 

As expecting parents who opt for surrogacy, it’s essential to think about Estate Planning, as this can impact the future of your family, including the child's well-being.

Why?

Because Surrogacy comes with a lot of unpredictable circumstances. 

That’s why Estate Planning is crucial for parents who are expecting through surrogacy. 

Let’s take a look at some of the reasons why you should have an Estate Plan in place.

Lack of Clarity on Guardianship 

When you have a child through surrogacy, determining guardianship can be complicated. 

If something happens to you, who will take care of your child? 

This is a question that must be answered and Estate Planning helps you to identify who should care for your child in the event of your passing. Without a plan, there could be a battle over who has custody of the child, which could lead to uncertainty about their future. 

Inheritance Rights Can Be Unclear

As a parent who has chosen to go through the process of surrogacy, the last thing you want is for any uncertainty to linger regarding your child's inheritance rights. 

Unfortunately, without a comprehensive estate plan in place, that uncertainty may become a reality. Pursuant to State law, without a will your assets can be distributed accordingly going against what your wishes were and what’s in the best interest of your child.

Tax Implications

Surrogacy can create complex tax situations that can affect your estate. 

Depending on the state you live in, state size, and the circumstances of your surrogacy journey; you may be subject to estate taxes. 

An estate plan can help you minimize taxes and ensure that your child receives the maximum benefit from your estate.

Legal Issues With Surrogacy Agreement

When it comes to surrogacy, a well-crafted agreement is an absolute necessity to ensure legal protection for all parties involved. 

Why?

Because there are still potential legal issues that can arise with a surrogacy agreement, such as disputes over medical decisions for the child and surrogate as well as financial compensation for the surrogate. 

Not Having Provisions For Special Needs Children

It’s even more crucial to have an Estate Plan in place when you have a special needs child. One that will ensure that your child receives the proper and necessary care and support throughout their life. 

Remember that estate planning isn't solely for you; it's for your children to have a bright and stable future, and the peace of mind you have with it in place is invaluable. 

Planning your surrogacy journey with the assistance of an attorney will be an invaluable tool. They can give you guidance on the steps you must take to ensure you and your family are protected in the event of the unforeseeable.

If you're not sure about where to start with your estate plan, consult with an attorney who has experience with this specific area of law, contact our offices today!