Estate planning for blended families will be more complicated.
Have you been married one or more times before?
Have you found someone new to love?
Are you willing to give matrimony another go of it?
According to a recent Hometown Life recent article titled “Blended marriages take careful estate planning,” before you say “I do,” you should discuss your estate plans.
This is especially important if children from are previous marriage are involved.
Each of you may have different ideas regarding whether or how to provide for these children in your estate plan.
Your new spouse is not obligated to leave anything to your children, should you leave everything outright to your new spouse.
If the child was adopted by your new spouse, then the rules are a little different.
If you have children together, you are legally bound to these children.
Does this mean you have to leave an inheritance to them?
It does mean you need to address them in your estate plan.
If you choose to disinherit, you need to specifically state this.
As you and your new partner make estate planning decisions, you may decide to discuss them with your adult children.
If your family is not close, this may not be necessary and could even be counterproductive.
On the other hand, it may be best to clear the air and be transparent while you are living so you can anticipate what will happen when you are not.
Blended families make estate planning more complex.
Depending on your unique circumstances, there may be even more people to consider and more factors involved.
Do not do this alone.
Love may be blind, but it is only prudent to enter into remarriage with both eyes wide open.
Work with an experienced estate planning attorney to discuss your specific situation.
He or she will be able to create a plan to meet your needs.
So, how do you find an "experienced" estate planning attorney?
First, ask around. Friends, family and other professional advisors are trustworthy sources.
Second, conduct an "organic" search on "Google" for "estate planning" near you (e.g., "Estate Planning Anytown MoKan").
Third, either way, verify! Check out the education, experience, ratings and client reviews of any attorney before you contact him or her.
In fact, I use both of these services to thoroughly vett attorneys before referring members of our "client" family for legal help in other areas of law or for matters in jurisdictions outside Kansas or Missouri.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.
Reference: Hometown Life (May 31, 2018) “Blended marriages take careful estate planning”