What Is Estate Planning Like for Blended Families?

If you’re a part of a blended family and are planning your estate, here’s a question you need to ask yourself:

“After you have passed—would your spouse still love your children as their own?”

If the answer is no, it’s time to speak to an estate planning attorney and start looking at your will from a new perspective:

A simple will won’t be enough.

If you leave behind a standard will, there are chances that your biological children might be cut from the current spouse’s will. Simultaneously, if you write down a basic will leaving everything to your spouse, they could out your biological children (after your death) and leave everything for their own children or a new spouse.

In such a case, your spouse has no obligation to your biological children. Make sure you specify each and every beneficiary and their designated share in the estate, keeping the nature of your family in mind.

Choose a trustworthy trustee.

Your trustee is the one who makes the financial decision for your estate after you’re gone. They’ll be the ones responsible for investing the assets or distributing them as per your wishes. An experienced trustee will make sure that there is no tension between what your spouse wants and what your biological children want them to get. They basically act as a referee between the two parties and make sure they agree on a joint decision.

At the same time, choose a trust that leaves the asset to your spouse for their lifetime and passes it on to the children at the time of their death. This will ensure that the spouse has legal access to the funds during their lifetime after you’re gone.

Keep all the possibilities in mind.

When you’re planning your estate, make sure you’re wary of the fact that your spouse may even remarry. Speak to your estate attorney and make necessary arrangements to protect your assets if your spouse remarries. Also, we would recommend leaving some assets to your biological children on your death. This way, they won’t have to wait for one of their stepchildren to kick the proverbial bucket.

Kalicki Collier takes pride in being one of the most trusted law firms in Reno, Nevada. We are offering a wide range of legal services, including estate planning attorney Reno, probate attorney Reno, and tax planning attorney Reno.