Estate Planning for the Blended Family

Earlier today, I got a call from a woman who was completely shaken. Her husband had passed away unexpectedly, and she suddenly found herself trying to sort through a really complicated situation — his minor children from a second marriage, his adult children from a first, and no clear plan in place. Emotions were already running high, and she realized very quickly that she wasn't as protected as she thought she'd be.

That conversation stuck with me. It's exactly why I want to talk about the critical importance of estate planning for blended families.

Quick Answer Blended families need estate plans that specifically address who inherits what — and who doesn't. Without a plan, ex-spouses may inherit unintentionally, children from prior relationships may be left out, and conflict between stepchildren and biological children is almost inevitable. A properly structured estate plan protects your current spouse, your children from every relationship, and your wishes.

Blended families bring more love—and more complexity—than traditional estate plans are built to handle. Without careful planning, the very people you most want to protect can be unintentionally left out or caught in conflict.

Balancing the needs of a multi-generational blended family with your own wishes can be a complicated task, especially when it comes to estate planning. With a majority of Americans not only marrying once, but twice, three or even four times during their lives, it is a challenge that will come to many.

Even when blended family members get along, estate planning can be complicated. The potential for acrimony among family members can be so great that some people choose to avoid addressing the issue of who will inherit what altogether. However, as any estate planning attorney will tell you, having no plan is not a good plan.

Overall, an effective estate plan for a blended family will ensure that:

• Any ex-spouses do not inherit

• Your own children are protected

• Your current spouse is provided for

• Any estate taxes are minimized

Estate plans are as individualistic as the families they cover, so it is always advisable to consult with an expert before finalizing your plan. Although there are a plethora of online resources and books on the subject, estate planning for the blended family does not make a good do-it-yourself project.

According to Pew Research, blended families are increasingly common across America — making thoughtful planning more important than ever.

As a Personal Family Lawyer®, I can provide you with the individual attention you need to create an estate plan for your blended family. If you'd like to learn more about estate planning for blended families, schedule a time for us to sit down and talk.

Schedule Your Free Discovery Call

This article is a service of Legacy Planning of Tampa Bay, a Personal Family Lawyer® Firm. We don't just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That's why we offer a Life & Legacy Planning® Session, during which you will get more financially organized than you've ever been before and make all the best choices for the people you love. You can begin by calling our office today to schedule a Life & Legacy Planning Session.

The content is sourced from Personal Family Lawyer® for use by Personal Family Lawyer firms, a source believed to be providing accurate information. This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you are seeking legal advice specific to your needs, such advice services must be obtained on your own, separate from this educational material.