Protecting Inheritances in a Blended Family
I had a friend who’s parents were divorced. His father remarried and later died, leaving everything to his spouse. His mother also remarried, and when she died, she also left everything to her spouse. The step-parents’ estate plans left everything to their own children. My friend was completely disinherited. If you have children from a previous marriage and want to avoid disinheriting your child, read on.
If the marriage of you and your spouse has created a blended family, then you must take special care during the estate planning process. Blended families offer a variety of inheritance complications: children from previous unions, property brought into the marriage, and children and property introduced during the marriage. To overcome these complications you can create a plan to ensure each family member receives the correct inheritance.
Make a Plan
To begin your blended family estate plan, you should make a list of all of your beneficiaries and what you want each to receive. If there is a special sentimental item you want to leave to a certain child, be sure to note this. You should also speak with your spouse to see if he or she will have any special requests.
With your proposed inheritances listed, you are ready to meet with your attorney. Explain to your attorney the dynamic of your family and what special considerations you want to address in your plan. You should also determine if any of your wishes will change depending upon whether you or your spouse passes away first.
You can leave inheritances in a variety of ways: a Will or Living Trust enumerating each bequest, or Irrevocable Trusts in the name of each chosen beneficiary.
If You Don’t
If you fail to make an estate plan that fully addresses the situation of your blended family, then some of your loved ones may be partially or fully disinherited. If you leave everything to your spouse thinking he or she will provide for your children, you may be wrong. Your spouse may not understand your preferred bequests, or he or she may leave everything to a future spouse.
If your estate plan pre-dates your marriage, you must update it to include all of your beneficiaries. Be sure to also check account beneficiary forms. If you do not update your plan, you may disinherit your step-children if your spouse passes away first.
