Millions of families across the country are blended families, or families with children from one or more past relationships. Because of the complexities of many blended families, estate planning requires extra attention to ensure that your wishes are carried out and to avoid potential disputes. What should you consider when completing estate planning as a blended family?
Update or Create Your Will
If you have remarried or have children from a previous relationship, it’s critical to update your will or create one if you haven’t already. A will ensures that your assets are distributed according to your wishes. Without a will, state laws will dictate how your estate is divided, which may not align with your intentions, particularly in blended families. Make sure that you clearly specify which assets will go to your spouse, biological children, stepchildren, and other family members.
Communicate Your Plans
Communication is key in any family, but especially in blended families where complex dynamics can sometimes lead to misunderstandings. It’s essential to discuss your estate plans with all relevant family members, including your spouse and children. While it may be a difficult conversation, open communication can help avoid future disputes or feelings of exclusion. You can also involve a neutral party like your lawyer to help facilitate the discussion and explain your intentions.
Check Your Beneficiary Designations
It’s important to review and update beneficiary designations on accounts such as life insurance policies, retirement accounts, and payable-on-death accounts, especially when you are in a blended family. These designations supersede your will. This means that, if your ex-spouse is still listed as a beneficiary, they will inherit those assets even if your will states otherwise.
Plan for Guardianship of Minor Children
If you have minor children from a previous relationship, you need to plan for their guardianship carefully. This can be a sensitive topic in blended families. It’s important to designate a guardian who will take care of your children if something happens to you, even if that person is not your current spouse. If you and your ex-spouse share custody, you should consider their input and collaborate on guardianship decisions.
Work with an Experienced Attorney
Blended families face unique challenges, and working with an experienced estate planning attorney is vital to creating a comprehensive plan. We can help you navigate state laws, ensure that your estate is properly structured, and address potential conflicts between family members.
If You’re Ready to Tackle Estate Planning, Scheuerman Law, LLC Can Help!
Are you concerned about what might happen to your family when you are unable to take care of them? It’s important to work with an experienced attorney immediately. At Scheuerman Law, LLC, our expert team is in your corner. Schedule a free consultation with a member of our team by calling 410-391-5520 today.
