Blended families are an increasingly common feature of the modern family law scene. Whether someone remarried following the death or divorce of a spouse, any subsequent family are welcomed into the fold. But what about resolving the issue of the estate? With careful consideration, this thorny issue can become a manageable and important undertaking.
When someone first creates a 401k, life insurance policy, or other long-term financial plan, they are rarely in the same position when the time comes to use it. If your family situation changes, it is important to consider these investments. Do you still want a divorced spouse to be the sole or primary beneficiary of your 401k? By keeping track of who the beneficiaries are, you can keep your estate planning clear and intentional, instead of having your heirs blindsided by ancient contracts.
As with any estate planning, it’s important to divide up the assets with intentionality. Who is receiving what? What assets can be sold off first in order to settle any outstanding debts? Depending on the circumstances, it may even be a good idea to place certain assets in a trust so that they can pass directly to their intended beneficiaries at the time of the giver’s passing.
Another important consideration for estate planning with blended families is how the various assets of the estate will be divided up. Perhaps the giver doesn’t want to see the family feud over who gets the family home and so they put in their will that if no resolution can be reached then the house should be sold and the profits distributed among the heirs. Providing intentions and contingencies will prevent confusion when the time to distribute assets comes.
If you are looking to create an estate plan that properly accounts for your blended family, you will need the help of an experienced trusts & estate law attorney. A trusts & estates attorney can impartially advocate for your rights using shrewd negotiation skills, years of experience, and clever applications of the law.
In order to achieve the best possible outcome for your case, you will need an experienced, client-focused attorney. The best way to find that representation is with Attorney at Law. At AAL our nationwide network of attorneys allows us to pair you with the best possible attorney or law firm in your area. Don’t wait. Contact AAL today for a free consultation.
