Brad and Angie’s New Legal Responsibilities

The Jolie-Pitt clan is now officially six.

On February 20 the adoption of Pax Thien Jolie-Pitt, Jolie’s 4-year old son, by Brad Pitt and Angelina Jolie became a legal fact according to the L.A. County Children’s Court Judge. The happy family celebrated at the Monterey Park courthouse. Of course the Jolie-Pitts are no stranger to the adoption process.  Jolie adopted son Maddox, 6, in 2002 and daughter Zahara, 2, in 2005.  Pitt became their adoptive father in 2006, the same year that the couple had their biological daughter, Shiloh, 20 months.  Pitt and Jolie have not been shy about their love of children and desire to have a large family.  When asked how many children they wanted at the 2007 Golden Globes, Pitt replied, “We’re thinking soccer team.” (That’s 11, for our non-athletic readers. But, then again, that’s only the number on the field, who knows if they were counting the ones on the bench!)

Whether you want one or eleven, are pregnant or adopting, there are some serious financial discussions that need to take place when a new baby comes into your life.  “Having a baby or adopting should certainly be a trigger event for couples to make sure that their estate plans are in order,” says Alan Rothschild, Jr., the trust and estate division vice chair of the American Bar Association.

In order for assets to be distributed according to the wishes of a parent, those wishes must be recorded in a will.  Ellen Gillespie, an estate planning attorney, says that parents should first consider how they want to pass their assets along to their children.  She advises setting up a trust which will define how and when the children should receive their inheritance.  Then parents should designate a guardian for their children who are under 18.