Remarried With Children? Estate Planning Tips for Blended Families

Law Days & Lattes

Estate Planning Tips for Blended Families

Host: Sidney Wheelan

Topic: Estate Planning for Blended Families

Key Points:

• Blended families: Defined as families formed when individuals with children from previous relationships come together. Examples include remarried couples with children, widowed parents with children remarrying, etc.

• Importance of estate planning for blended families:
• Protects loved ones by ensuring assets are distributed according to wishes.
• Avoids potential conflicts among family members regarding inheritance.
• Provides for minor children in case of a parent's passing.
• Preserves family harmony by addressing potential issues beforehand.

• Key considerations for estate planning:
• Open communication: Discuss wishes and concerns with all family members involved, including adult children if applicable.
• Update legal documents: Regularly review and update wills, trusts, and beneficiary designations to reflect current family situation.
• Equal vs. Equitable distribution: Decide whether to distribute assets equally or consider each child's needs and circumstances.

• Establishing trusts: Useful for managing assets and ensuring they are distributed according to your wishes.
• Trusts can be designed to:
• Control distribution schedules.
• Minimize risk of mismanagement by young beneficiaries.
• Provide tax benefits.
• Avoid probate.

• Recommendations:
• Be thorough and involve your spouse (and potentially former spouse) in the planning process.
• Consider professional guidance to navigate complexities.

• Additional Points:
• Prenuptial/postnuptial agreements can be valuable for blended families.
• Consider the possibility of future remarriage or divorce when creating an estate plan.
• Life insurance can provide financial support to surviving family members.

Call to Action:

• Subscribe for new episode alerts.
• Leave a five-star review and share the episode with others.
• Contact us with any questions or to schedule a consultation.

WheelanLaw.com

This podcast episode contains general information for discussion purposes only. Each case is different and must be judged on its own merits. Missouri rules generally prohibit lawyers from advertising that they specialize in particular areas of the law. This article should not be construed to suggest such specialization. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create an attorney-client relationship, and the listening or viewing of this podcast does not constitute an attorney-client relationship. The choice of a lawyer is an important decision and should not be based solely upon advertisements.