Blended Families
May 25, 2012 By Deborah Sexton Law Office, PA
Estate planning for blended families adds a layer of complexity. Each estate plan will differ based upon personal and financial goals as well as the age of and relationship with the children involved. Below are some issues to consider during the process of estate planning for blended families.
Have the Conversation
As much as none of us want to admit it, money represents love. If your children, no matter their age, think that all of your money, love, and attention has now gone to a new spouse and a new family, your relationships with your children will be strained.
While all the estate planning decisions are yours, allow your children to know that you’ve entered into the estate planning process and that they will be cared for and loved. Allow them to ask questions.
If you have trouble with the conversation, your estate planning attorney can provide discussion points or even lead a family meeting. The family meeting is a great opportunity for your adult children to learn about estate planning, get to know your estate planning attorney, and learn about any roles that they will play in your estate plan.
Avoid Disinheritance
Unless it is your goal to give everything to your surviving spouse and totally disinherit your children, do not put your assets in joint names with your second (or third) spouse. If you die with everything in joint names, everything goes to your spouse and your children inherit nothing. Nothing.
In addition, if you name your spouse as the beneficiary of your life insurance policies and retirement plans, your spouse will inherit these assets and your children will inherit nothing. Nothing.
Your Choice; Your Plan
Your estate planning decisions are your own. The purpose of this article is to convince you to fully understand the consequences of your estate planning decisions. You need to understand that even if you provide for your children in your will or trust, they will receive nothing if you own everything jointly with your spouse.
If you have questions about estate planning for blended families, consult with a qualified estate planning attorney.
ABOUT THE AUTHOR: Deborah Sexton
Experienced estate planning attorneys Fayetteville AR of the Deborah Sexton Law Office PA offers estate planning and business planning resources to residents of Fayetteville AR.
Copyright Deborah Sexton Law Office, PA
More information about Deborah Sexton Law Office, PA
Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author.
As much as none of us want to admit it, money represents love. If your children, no matter their age, think that all of your money, love, and attention has now gone to a new spouse and a new family, your relationships with your children will be strained.
While all the estate planning decisions are yours, allow your children to know that you’ve entered into the estate planning process and that they will be cared for and loved. Allow them to ask questions.
If you have trouble with the conversation, your estate planning attorney can provide discussion points or even lead a family meeting. The family meeting is a great opportunity for your adult children to learn about estate planning, get to know your estate planning attorney, and learn about any roles that they will play in your estate plan.
Avoid Disinheritance
Unless it is your goal to give everything to your surviving spouse and totally disinherit your children, do not put your assets in joint names with your second (or third) spouse. If you die with everything in joint names, everything goes to your spouse and your children inherit nothing. Nothing.
In addition, if you name your spouse as the beneficiary of your life insurance policies and retirement plans, your spouse will inherit these assets and your children will inherit nothing. Nothing.
Your Choice; Your Plan
Your estate planning decisions are your own. The purpose of this article is to convince you to fully understand the consequences of your estate planning decisions. You need to understand that even if you provide for your children in your will or trust, they will receive nothing if you own everything jointly with your spouse.
If you have questions about estate planning for blended families, consult with a qualified estate planning attorney.
ABOUT THE AUTHOR: Deborah Sexton
Experienced estate planning attorneys Fayetteville AR of the Deborah Sexton Law Office PA offers estate planning and business planning resources to residents of Fayetteville AR.
Copyright Deborah Sexton Law Office, PA
More information about Deborah Sexton Law Office, PA
View all articles published by Deborah Sexton Law Office, PA
Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author.
