Are you divorced, remarried, or widowed? If so, estate planning will be
extra tricky. If you’re one of the millions of Americans who are
in a blended family situation, you will simply have more opportunities
to make mistakes. That being said, you also want to make sure that your
assets are distributed to your current spouse, and not your ex.
If you have stepchildren, children from a previous marriage, or children
from two or more marriages, these issues will need special attention,
especially if you wish to customize your estate plan to disinherit a child
or include a stepchild that wouldn’t normally inherit from you.
When you have a blended family, you want to ensure that your estate plan
carries out your wishes, and that your assets don’t unintentionally
end up in the wrong hands due to a lack of understanding of your state’s laws.
Also, you may not see eye-to-eye with your ex-spouse, or your current one.
Who will take care of your children if you pass away, your ex-spouse or
your current spouse? Will you leave part of your estate to your step-children?
Do you want your children from your first marriage to receive the lion
share of your estate instead of your new spouse?
Asking the Right Estate Planning Questions
Having a blended family complicates matters, especially when there are
children and stepchildren involved. In the case of a second or subsequent
marriage, you want to work through the details while you’re still
around so your loved ones won’t end up in a legal battle over your
estate after you pass.
Here are some questions to ask:
- Who do you want to receive your money when you die?
- Who will provide for your children if you pass?
- Do you want to legally adopt your stepchildren? Do you want your spouse
to adopt your children from a previous marriage?
- Who will raise your children? Your spouse or their biological parent?
- What do you want to do for your surviving spouse?
- Who will make financial and medical decisions if you become disabled?
- What are your state’s marital property laws? For example, in a community
property state, such as California, both spouses are entitled to 50 percent
of all property acquired during the marriage.
- Do you have a prenuptial agreement? If not, do you want a postnuptial agreement?
When considering your blended family and what you want to have happen,
think about your children, your spouse, and the age and health of you
and your spouse. If there is a big age difference, who is likely to die
first, and how would the death affect the rest of the family?
In order to protect your assets and your wishes, reach out to an estate
planning attorney who can create a sound estate plan that accommodates
your blended family. You deserve peace of mind.