Blended families are very common in modern America. Perhaps you got married, divorced, and then remarried to someone who also had children from a previous marriage. This is a great way for children to have a unique and vibrant family life.
But what does it mean for your long-term estate planning? As you grow older, if you stay married, you have many things to consider that other families may not. Here are a few things to think about.
You may need to leave assets directly to any biological children
If you pass away before your new spouse, you may want to give your biological children at least some of their inheritance right away. Typically, children with two biological parents wait for them both to pass before inheriting, but you may need to do this a bit differently.
Equal isn’t always fair in blended families
Estate planning often focuses on making things equal, but you may decide not to do this with a blended family. You can leave more to your biological children and it may make sense to do so. Just be wary that unequal bequests can lead to estate disputes in some cases.
Do you have complex estate planning questions?
Since you have a complex situation, you may need a complex estate plan. For instance, you may need to use trusts and other devices, not just a will. These can allow you to address complicated issues and they can give you more control than simply writing a will. As you work to make the right plan, be sure to consider all of your legal options. Working with an attorney can help you gain the clarity you need to make an effective estate plan.