Estate planning can feel overwhelming, especially when you have a blended family or a complicated family situation. There are multiple people and interpersonal dynamics to consider. Working with a lawyer can make the process of preparing your estate planning documents easier. An experienced estate planning attorney will explain the law and your legal options. That way, you can choose the right legal tools to ensure your intended beneficiaries receive what you intend.
Fair Division of Assets
The challenge of creating estate planning documents when you have a blended family is ensuring a fair division of assets. Because the law can be complicated, you will want to work with an attorney. Otherwise, you risk unintentionally leaving one or more of your children out of becoming a beneficiary. Using legal documents, you can account for everyone from all families to ensure each inherits as you intend.
Creating a Will
The most well-known document in your estate plan is a will. When you have a blended family, a basic will is not going to be sufficient. Once divorced spouses remarry, it complicates matters. The situation can become even more complicated when the new spouse has their own children. A custom will can outline an equitable distribution of assets. That way, the children from the previous marriage are not disinherited, and stepchildren can be included.
Open and Honest Communication
While many people want to keep their estate planning documents private, this isn’t the best approach when you have a blended family. You likely discussed end-of-life plans with your first spouse. Then, you could have had a different estate planning conversation with your second spouse. If you have adult children, you may have discussed your wishes with them, too. Having these conversations at different points in your life will result in discord later. Each party will claim they know your wishes, leading to an argument in court.
Form Trusts
Another option to ensure each child receives what you intend is to use trusts. That way, your assets will avoid probate and go directly to your children. Several trust types are available in Florida, giving you plenty of options for creating a custom plan that fits your family’s needs.
Beneficiary Designations
You may have several assets that allow you to designate a beneficiary. Examples include bank accounts, life insurance, retirement savings, and investment funds. When you name a beneficiary, the funds from the account go directly to the named beneficiary. This allows you to bypass probate court, and the intended beneficiary receives their inheritance faster. Once you name your beneficiary, let that individual know. Creating a document that lists the beneficiary for each of your accounts can also be useful.
Power of Attorney
There may come a time when you are no longer of sound mind to make decisions for yourself. Having a power of attorney ensures your affairs continue to be handled. While there is an all-encompassing power of attorney, this isn’t your only option. Creating specific use power of attorney documents allows you to define and limit each individual’s powers. A financial power of attorney empowers a trusted individual to make decisions about your financial matters. A healthcare power of attorney enables someone to make decisions about your medical care. Because blended families involve more people, having these documents in place helps to reduce the risk of discord and conflict.
Estate Planning With an Attorney
When you have a blended family, you need to take extra care to ensure everyone is taken care of in accordance with your wishes. Working with an estate planning lawyer will help you make arrangements for your assets. That way, you can protect your loved ones and ensure they receive your assets in accordance with your wishes.
Schedule a consultation to create your estate planning documents.
