Considerations For Estate Planning When You Have A Blended Family

When you and your spouse have children from other relationships, you need to consider a few things when planning your estate. You have to consider everyone involved, which could make it very difficult to split your assets between your children and your spouse. For this reason, you want to take some time to learn more about wills for blended families, so you can create the right one for your personal situation.

Caretakers for Minor Children

One factor you need to think about is who will take care of your kids if you pass away while they are minors. You need to choose a guardian if your ex-spouse is unable for any reason to take care of them.

One option is to set it up so that your current spouse will become their guardian. Another option is to appoint a family member or someone you trust to take them in if you should pass away before all of the children turn 18.

You also need to think about both sets of children. If both you and your spouse pass away at the same time, will both sets of children stay together or do you need separate guardians for them. Considering these factors in advance can give you the opportunity to make the best decision about the welfare of your children in the event of your death.

Property Division

Dividing your personal and professional property is harder to accomplish when your ex has a legal claim to any of these properties. For example, your ex may own a portion of the land that your home is built on and a problem can occur if your ex does not care for your new spouse. He or she could try to evict everyone who lives in the house after you pass away because they want to sell the land.

With business property, you need to make sure that your share of the company goes to someone of your choosing. This method can prevent your ex from selling the family business for example, even if they own a controlling interest of the company. Without this documentation, it can be harder for your children or spouse to stop any sales or unjust action that your ex may try to accomplish after you pass away.

When your family includes biological children, adoptive kids, stepchildren or a new spouse, you need a will that addresses specific areas of your lifestyle. Therefore, it is in your best interest to create a will or estate plan through a firm like Beck Law Office PC LLO that is designed around a blended family dynamic.