One of the questions that most couples wonder about is what is biological and what is adoption. While both terms seem pretty self explanatory, the difference between them is really that biological assets are those from the parents that do not change throughout the years. Typically, this means that such assets can be passed down through several generations.
‘Adoption’ on the other hand refers to the act of taking a child from one’s parents and bringing that child into a new household. Adoption includes the whole gamut from when the child is born to the point where he or she is schooled and lives with that family permanently. A significant amount of assets may be attributed to these assets through legal custody and support agreements. In some cases however, the two parties may not have created the same set of assets at all.
Biological assets include blood, eggs and sperm that came from the biological parents. These biological resources are generally more solid than those that stem from other sources and do not necessarily guarantee the same quality and quantity as well. There have been instances where biological assets were so inconsistent and erroneous that it has been necessary to file for legal proceedings. This is usually an indication that legal action may be necessary should these assets not be properly valued.
It is important to note that what is biological assets is not legally defined. As mentioned, assets are not only assets that stem from the biological parents but also might be assets from other biological relatives. Also, assets that derive from non-identical twins could technically be considered assets in the eyes of the law, though there is little chance that these would be deemed as ‘biological assets’. It is therefore important that any legal proceedings involving any assets are settled by a qualified attorney. He or she will ensure that the laws governing the assets in question are followed and will stand up in court.
If you are asking what is biological assets you may be wondering about inherited property, though generally speaking, this refers only to tangible assets. Some tangible examples of what is biological are deeds of trust, stock, money and retirement accounts. A lot of people have both biological parents and adoptions that they claim are theirs but which in actuality are not. The best way to determine what is biological in this case is to look at the adoption records. These records will indicate what was done with the adoptee’s property after his or her adoption.
When determining what is biological assets, a number of things can be compared. For instance, if both biological parents share both property and bank accounts jointly, but one of the parents has already died, then this will certainly impact the value of the account(s). Likewise, if both biological parents have different names (andy, pat, Wayne) and their joint account has already been frozen then there may be value in this asset. And, of course, if your family has a history of very complex bloodlines, you may very well have assets based on these genealogies.
Once you have decided what is legal and what is biological, you can move onto the next step of proceeding with asset transfer. This will involve establishing what is legal and what is family-owned. Typically, assets are transferred based on who is legally defined as the legal name owner. In cases where there is more than one person listed as a legal name owner, then these names are typically jockeyed for title based on who has the biggest legal presence. This is a very fluid process, as everyone can change legal names and change ownership of assets as often as their fortunes dictate. The process of establishing what is family-owned is not too cumbersome and is easily achieved through executing a power of attorney or creating a last will and testament.
What is Biological Assets? There are many reasons someone may want to establish what is biological and family-based on their estate. Perhaps someone has passed and leaves an estate with a spouse or children who are not custodial parents. Perhaps someone has suffered a terminal illness and leaves a spouse or children behind as a caregiver. Creating a trust and naming the person as an asset transfer trustee can be the simplest solution to what is considered to be assets based on what is known as a legal basis.