Special Estate Planning Considerations for Blended Families

 Posted on February 22,2019 in Estate Planning

The number of remarriages has been gradually increasing over the past few decades. As a result, blended families have become more prevalent than ever before. Blended families face unique challenges when it comes to estate planning. If you are a part of a blended family or are remarried, read on to learn how estate planning can put you in control of your and your family’s future.

When a Relative Dies Without a Will

Although it can be a hard topic to discuss, it is crucial that blended families talk about estate planning together. Family arguments and other issues can arise when parents pass away without a will or trust to dictate how their property should be divided between children of different marriages. When someone dies without any estate plans, surviving family members are left to figure out inheritance dilemmas in probate court. This can be an incredible burden for a family to shoulder. Creating inheritance and estate plans now can give you peace of mind and a sense of control knowing that your family will not be forced to sort out your final affairs during an already challenging time.

Remarried Spouses Can Leave Assets to New Spouse as Well as Children

It is not uncommon for a parent to remarry later in life. Remarried couples may have children from previous marriages who they wish to ultimately leave their property to. However, a person who is remarried may also want to ensure that his or her new spouse will be financially secure if an unexpected death or incapacitation occurs. Through a comprehensive estate plan, you can decide exactly which family members will receive property and when they should receive it. An experienced estate planning attorney will be able to help you find legal avenues to create a unique estate plan that meets you and your family’s specific needs.

Parents Who Remarry Must Be Vigilant with Beneficiary Designations

Remarried individuals must be cautious when it comes to beneficiary designations. If you have remarried, make sure the beneficiary designations on insurance policies and retirement accounts are up to date. Awkwardness and resentment can ensue if a remarried spouse forgets to remove his or her previous spouse as a primary beneficiary. Remarried individuals should also take steps to plan what should happen if they are incapacitated by a serious illness or injury. Blended families can designate who should make health care decisions in the event of incapacitation via a living will, health care power of attorney, or through other estate planning documents.

Contact a Lombard Estate Planning Attorney for Assistance

If you have further questions about estate planning, contact the experienced Arlington Heights estate planning lawyers at A. Traub & Associates. Call 630-426-0196 to schedule a confidential consultation today.

Source:

https://www.forbes.com/sites/rbcwealthmanagement/2015/06/23/estate-planning-tips-for-your-blended-family/#4baec8a31a23