Blended Families & Estate Planning: Yours, Mine, Ours
Every remarried couple with a blended family needs to redo their estate planning documents. Besides updating your will, here are some things you should consider when reviewing your estate plan.
In the event of your death, your children will go to their biological parent. If however, the biological parent is not capable of taking care of the children, now or in the future, it’s best to update your guardianship appointment documents. Additionally, if you believe it is not in the best interest of your child to have your former partner look after the child, creating an affidavit stating so, giving reasons why. Include court references to court records and police reports. Keep the affidavit and supporting documents, with your estate plan.
Create a Trust
There are a variety of different types of trusts that can be structured to fit your blended family’s particular needs. For instance, a trust can allow you to leave money or your house, to your spouse for your spouse’s lifetime and then pass the balance or the house to your children.
Leave Something for Your Children
Even if the bulk of your estate is going to your spouse, you may want to consider leaving a little something to your children in your will. It is a sign of good will and it means your children won’t be waiting around for their stepparent to die.
Buy Life Insurance
Life insurance can be a good way to make sure your children inherit. You can leave your estate to your spouse, but take out a life insurance policy with your children as beneficiaries.
Personal Property Memorandum
Family heirlooms can cause fighting and hurt feelings among family members. You can make your wishes known by writing up a personal property memorandum, and the names of who they should go to and attaching it to your will. Additionally, you could give items to your heirs during your life. You will get to see their joy, and delight when they receive their gift
Your blended family presents certain challenges when it comes to estate planning. Having the property strategy along with the proper documents will ensure the success of your legacy.
For more information on estate planning, or if you need help with your estate plan. firstname.lastname@example.org phone: (303) 900-2529
This article is for educational purposes only, and does not constitute legal advice about your case or situation. There may be exceptions to the information outlined above. Please speak with an attorney if you have specific questions about your estate plan.Follow me on social media: