According to statistics over one-half of all marriages in this country will end in divorce. However, an increasing number of our country’s divorcees will end up in a second, third or even a fourth marriage, thereby creating a blended family. Unfortunately improper estate planning within a blended family has resulted in such families facing unique estate planning situations causing disputes, litigation and possibly the disinheritance of a loved one.
Blended families inherently have special estate planning needs that must be dealt properly, prior to a death, in order to prevent your loved ones substantial heartache and frustration at your passing.
The following examples are some of the many issues, circumstances and questions, if you have a blended family, that need to be addressed with your estate planning attorney:
- Do I need to amend my current plan or revoke it and create a new plan?
- What rights does my new spouse have over my estate if I do not update my current estate plan?
- Can I disinherit my new spouse completely and leave everything to my children upon my death?
- Who is going to serve as my Trustee or Personal Representative upon my death?
- Will my new spouse treat my children fairly after I am gone?
- Should my new spouse or my children make my funeral, burial or cremation decisions?
- Can my new spouse delete my children as beneficiaries after I am gone?
- Who will take care of me during a disability?
- Will my new spouse have the ability to spend my children’s inheritance during his or her lifetime?
- What if my new spouse gets remarried again after my death? Will this further remove my children from my property and my inheritance for them?
- How long should my children wait to receive their inheritance, in situations where my new spouse is only a few years older than my children?
The unique circumstances that can come up in blended families can be endless. In short if you have a blended family, it is imperative that you discuss your unique circumstances and goals regarding your blended personal and financial affairs with your estate planning attorney.
If you have any questions regarding family based estate and tax planning or any other legal issues, please do not hesitate to call Rowley Chapman Barney & Buntrock, Ltd. at (480) 833-1113, and ask for Ken Barney.
