Blended Families occur when one or both parents have children from a previous marriage, along with children from the current marriage.While not uncommon, having a blended family can complicate the estate planning process. Typically both spouses wish to take care of each other when they pass away, but they also wish to leave something to their children from a previous relationship.
Without an estate plan, or with one that does not take into account your unique family dynamics, you could be leaving your family in an extremely difficult situation. Unfortunately, when someone fails to plan sometimes even the closest offamilies canget torn apart.
For example, a husband or wife could have a will that leaves everything to their blood-related children if they were to die, but if both spouses die, then everything would be split equally between all children. However, after the first spouse dies, there is nothing to prevent the second spouse from changing their will or spending all of the assets. In this example, the deceased spouse’s children may not receive anything from their deceased parent.
We can discuss different options with you. These can include carefully crafted wills, pre- or post-marital agreements, trusts, and utilizing beneficiary designations on your life insurance and retirement accounts. No single plan works for everyone, but we can help you to gain a peace of mind that upon your passing your wishes regarding how you want your family taken care of are fulfilled.