Families are complicated and no two families are the same. This means that there is no such thing as cookie cutter solution to estate planning, especially if you have a blended family.
What is a Blended Family?
A family may not just be a husband, a wife, and 2.5 children. Today families can include multiple ex-spouses, step-children, children and even in-laws. The more complicated the family situation, the more confusing estate planning becomes.
Your Blended Family and Estate Planning
Many questions crop up when you are trying to take care of all of your loved ones when you pass away:
- How do I make sure all of my ex-spouses are taken care of when I die?
- How can I make sure my step-children are provided for?
- What happens to assets I will to my wife if she remarries and has more children?
- What happens to assets I will to my children if my spouse remarries and then passes away while my children are still minors?
- How do I provide for my in-laws?
These are just some of the questions you may have when you are determining how to handle the intricacies of estate planning in today’s complicated family dynamic.
In Blended Families Communication is Key
Communication is vital for all families but in blended families talking with everyone involved is even more important. Estate planning isn’t an easy topic to bring up and often discussing the distribution of assets can make tempers run high and can lead to hurt feelings. Yet it is important to discuss things now before something happens to you or one of your loved ones.
When estate planning isn’t handled the right way assets can be tied up for years while family members fight for what they think the deserve. And trusting a loved one to carry out your wishes without legal documentation is inviting problems.
So talk about your wishes with your loved ones early and learn how you can protect your assets to ensure they are distributed according to your wishes after you pass away. You should have a designated trustee and or administrator of your will, depending on how you decide on formalizing your estate distribution.
Blended Families, Estate Planning and Estate Planning Attorneys
It is important to seek the advice of an attorney and have a lawyer who specializes in estate planning to set up your trusts, help you create a will, and help you to manage your assets. An estate planning attorney can answer even the most complicated questions regarding how you want to take care of your blended family after you are gone.
Do you have questions regarding estate planning and how to take care of your blended family? You can read and download our free resources by clicking here. Are you looking to have your questions answered by an attorney or need help with planning your estate? Contact Us today and set up a FREE consultation to help get you started.