-THE NEED FOR SPECIAL ESTATE PLANNING-
Today it is very common to have a blended family situation with step-children from another marriage. When considering estate planning for blending families, there are more opportunities to get it wrong, and the stakes ensuring your assets are distributed to a current spouse and not an ex, or that your children and stepchildren are treated according to your wishes are often higher. Who takes care of the kids if one parent dies? Which assets belong to which spouse?
Working through these details can not only avoid future estate planning hassles, but also help maintain healthy relationships between all parties involved.
Estate Planning Issues to Consider for Blended Families:
- Who is going to care for your minor children if something happens to you, your current spouse or ex-spouse?
- Do you have a plan to provide for your spouse and children when you die or become disabled?
- Will your step-children inherit your property under your estate plan?
- Does your estate plan ensure that your ex-spouse will not control your property if you die and your children are still minors?
- Do you live in a separate or community property state, and how will this affect your estate plan?
- If you leave everything to your current spouse when you die, does your estate plan ensure that your children receive something after your spouse dies, or will your spouse have the freedom to leave your property to a new spouse or your step-children?
**If you would like more information regarding these issues, please feel free to contact us! **