Have you found yourself part of a blended family? While the term is often used to describe families that have remarried after a spouse has passed away, it is also used to refer to any family structure that includes a step or half-siblings. Such extended families are becoming increasingly common.
The law does not address the unique challenges faced by blended families. The traditional legal framework for estate planning and wills does not reflect the changing nature of our families. As a result, many decisions made by parents in their estate plans or wills can have unintended consequences for their children and blended family members.
What Is a Blended Family?
Blended families are common in today’s society. With divorce rates rising and people living longer, more people are finding themselves in blended families, which can present challenges for the individuals involved.
Consider family arrangements that include stepmothers, stepfathers, and stepchildren who range in age from newborns to teenagers. In some cases, siblings may co-exist in the same home with their stepsiblings and their own parents (e.g., two sets of parents raising three sets of children). In other cases, one parent may have sole custody while the other has visitation rights or shared custody; these arrangements create even more complexity regarding estate planning.
Redo Estate Plans and Wills
As the world becomes more complicated, so does estate planning. The traditional family has changed, and blended families have become more common. This can be an exciting transition for everyone, but it also means that you must ensure your estate plan is up to date and personalized to meet your individual needs.
You may need to update any existing documents or create new ones that consider everything that has happened since they were last written. If you don’t have an estate plan in place, now is the time to get one created so that you are prepared for anything.
Have Clear Planning in Place
Next comes ensuring everyone knows what’s going on with their money and other assets. Make sure everyone knows where all accounts are held, who holds power of attorney over them, and what medical directives are in place if someone becomes incapacitated and unable to make decisions for themselves or their children.
Trusts In Blended Families
Trusts are an excellent way for blended families to protect their children’s assets from previous marriages. A trust can also ensure that assets pass directly to children without probate court. When these trusts are created, they must be written so they will not violate any laws regarding child support payments or other obligations that may have been established during a previous marriage.
The Need for a Personalized Approach To Planning
Every family is different, and no one can plan for every possible outcome. But it’s important to start thinking about these issues as early as possible so that you can make informed decisions and be prepared if something happens.
The best way to do this is to get help from an experienced estate planning attorney. Our firm helps clients in all situations — whether they have children from their current marriage or previous relationships or if they want to leave their estate to a charity or another beneficiary. We work with each client to create a customized plan that considers their unique circumstances, goals, and wishes for the future.
Intestacy and Blended Families
When it comes to blended families, additional considerations need to be addressed when planning for the future. While the laws of intestacy (also known as probate) apply in some cases, there are many instances where your estate plan needs to be modified. It is essential to discuss these issues with your attorney so that you can create a customized plan that meets your needs.
At Fleurinord Law PLLC, we make it a point not to just draft documents; we ensure you make educated and empowered decisions about your transition from life to death for yourself and the people you love. We offer a Family Legacy Planning Session. In preparation for this session, you will get more financially organized, which will help you make the best decisions to protect your assets. Call our office at 888-904-2297 today to schedule your initial discovery call and find out how to save $750!