Blended families in Roseville, California, can take thoughtful steps to ensure that each child in their family, either biological or through marriage, is protected. Factors like nominating guardians, planning each inheritance, and selecting an executor must be considered.
Estate planning for blended families is complicated yet essential
The complicated nature of estate planning for blended families does not minimize its importance. The better things are planned, the easier it is to avoid legal issues and probate court in the future.
While at its foundation estate planning for blended families is not drastically different than for non-blended families, there are usually more people to consider, especially if the spouses bring children from previous marriages. If the unforeseen were to happen, parents need to plan who will be the guardian for each child, thinking about what’s best for the child and sibling relationships.
The financial aspect of estate planning for blended families
It’s common for a spouse to leave their estate to their partner. However, suppose children from a previous relationship are involved. In that case, it may be best to establish a trust to ensure that each child receives their inheritance if one spouse dies before their partner. This can mitigate unfair treatment or disagreements that can arise.
Some common estate planning options for blended families include:
Marital trust
Family trust
Outright ownership
Immediate bequest
Each of these estate planning options creates unique rules dictating how assets are distributed after the death of one or both spouses. Although it takes time, it is beneficial for spouses to communicate with each other and be as thorough as possible when selecting options for how they will provide financial support to their children after their death.
Blended families can be joyful, exciting, and rewarding family units. However, extra care must be taken to ensure that the right estate plan is selected so that all the family can have the peace of mind of knowing that each family member is taken care of financially and legally.
