Divorce and remarriage are common and can certainly be for the best. However, blended families can make estate planning a bit more difficult. That’s why it’s so important to talk to your loved ones if you are thinking about getting married again. Here are the top tips for estate planning among blended families.
Talk About a Prenup
Prenuptial agreements aren’t just for the filthy rich. A prenup actually helps bring security and reassurance for both parties about to enter a marriage. Prenups help people to protect their goals and finances. Prenups are great for first marriages but arguably necessary for any subsequent ones.
Decide What is Yours, Mine, and Ours
One of the toughest aspects of divorce is figuring out what property is yours, which is mine, and which is ours. By planning out which property belongs to whom, it can help to prevent any confusion and understand your new blended family’s finances. Couples who establish a joint account should talk about the amount of money that they will each contribute monthly. Generally, these accounts are for shared expenses versus individual accounts, which a spouse will use to pay for personal expenses like those for children from a previous marriage or relationship. It’s also important to maintain clear, honest, and open communication regarding finances in order to avoid any unwanted surprises or misunderstandings.
Maintain Your Medical Documents
The only person who should have the right to decide what you want for end-of-life decisions is you. But if you fail to put these wishes in writing, such as in a living will, it can leave your loved ones confused as to which decisions to make. This can lead to contentious family arguments during what is likely to already be an emotional time. The last thing you want is for your family to engage in expensive legal battles. In addition to putting these wishes in writing, it’s important to speak to your future spouse about them.
Look Over Your Will and Trust
While many families fight over money after the death of a loved one, some of the worst disputes are caused by the distribution of possessions with sentimental value. That’s why you should look over your will.
As for your trust, it’s vital that you describe with intricate detail who is to receive what. If you wish to leave assets to your stepchildren, it’s imperative that you list them in your estate plan. Since they aren’t legally considered to be heirs, if you don’t name them they most likely won’t receive anything.
Trusts can also be a good legal tool through which you can protect the inheritance of any children from a previous marriage.
Consult with an Experienced Estate Planning Attorney
A knowledgeable and experienced estate planning attorney can help to ensure that you have the proper estate planning documents in place to protect yourself as well as the interests of your loved ones. Regardless, it’s important to maintain open communication with your loved ones.
Heritage Legal, PC Helps Those in California to Establish a Comprehensive Estate Plan
At Heritage Legal, PC, we understand the importance of protecting your interests and the interests of those whom you care about most. We can help you to create a comprehensive estate plan that fills all of your needs and plans ahead for your loved ones. To learn more or to schedule a free consultation, contact us today!