A blended family is where one spouse brings children to a marriage that are not the children of the other spouse. Usually, this is a second marriage for at least one of the spouses. It might even be a third. The composite is often each spouse having their own separate children, and there may also be natural children of both parents. Estate planning is more complex and often all the more necessary in blended families. Here is what you need to know estate planning in a blended family.
(1) Don’t leave things to chance by not doing any planning. Intestacy laws are a lot more unforgiving with blended families, and are not likely what you would want to have happen with your property. Remember, the laws are just your state guessing what you would probably want to have happen.
(2) You might not want to leave everything outright to your spouse when you pass. If you do so, it is possible that your wealth and assets find their way to your spouse’s children rather than your own. Inadequate planning could cause your children to be disinherited. Nonetheless, most people want to ensure their spouse is taken care of after their death. Trust planning is especially effective at striking a balance here. Your spouse can be provided for, but at the end of the day your property can still be directed to your children.
(3) Take time to discuss the matter with your spouse. It helps to know your spouse’s expectations. Communication early on may avoid a situation after your death which pits your children against the surviving spouse, or your children from one marriage against your children in another.
(4) Return to your beneficiary designations. If this is a second marriage, you might have a number of designations that are out of date and that may include an ex-spouse, or include your older children but not younger children.
If you would like to discuss more or have questions, please Goosmann Trust Law Counsel today at (712) 226-4000.
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