When you and your spouse separate or they pass away, it may feel like you’ll never find happiness again. However, meeting someone new and combining your families can be a beautiful thing. Unfortunately, estate planning for blended families is an essential, albeit complex, process. If you’re unsure where to start, this blog can help point you in the right direction as it covers the basics of blended family estate planning. You’ll also learn why consulting a Medina, Ohio estate planning lawyer is crucial during this process.
What Is a Blended Family, and Why Is Estate Planning So Important?
A blended family is essentially when two spouses, each with their own children from prior relationships, get married. As such, these families contain step-siblings, half-siblings, and relatives outside the immediate family who may reside in the familial home. In some cases, the new spouse will adopt the children of their partner. However, this is not always possible, as both biological parents must consent to this, with the expectation of death. This is because the other biological parent would relinquish their parental rights.
For some, there are many complexities involved in these familial dynamics. These include issues regarding raising children and having siblings adjust to new roles. For example, a child who was the youngest in one family may need to adjust to becoming an older sibling.
Regardless, taking the time to plan your estate is vital as you’ll want to ensure both your biological children and your spouse’s children receive fair treatment.
What Are the Best Estate Planning Options for Blended Families?
Understanding your estate planning options in these instances is crucial. For blended families, a Trust is often an ideal option. A Will, though the most common estate planning tool, can be restrictive. As such, leaving assets in the Trust to your Beneficiaries, including your biological and spouse’s children, can help provide greater control over the distribution of your assets. For example, a Family Trust allows your spouse to make decisions based on each child’s needs at the time of your passing.
Another estate planning tool you should establish is a Medical Power of Attorney. This allows you to name someone who will assume the authority of making medical decisions on your behalf, should you become incapacitated or unable to communicate your wishes yourself. This decision can often cause tension, as children or spouses may be hurt if they are not entrusted with this choice. However, it is your health, so you must make a decision you feel comfortable and confident with.
If you have not done so already, ensuring you consult an attorney to help you craft an estate plan that works for your family dynamic is crucial. When meeting with your lawyer, you should bring a copy of your divorce decree if you were previously married, as this can contain important information regarding assets like Life Insurance Policies that you may not be able to distribute.
At Krause Law, we understand the complexities of these circumstances. That’s why our team is dedicated to doing everything possible to assist you during these challenging times. Contact us today to learn how we can help you feel confident in your choices and secure peace of mind for the future.
