A blended family is a common structure these days, but that doesn’t mean that you don’t have to think about some specific points and how things will differ because you’re in a blended family. One thing that you need to think about is what you’re going to do about your estate plan. You can’t set things up like you would for a family in which both parents are still living together.
Even if you think that your current spouse will care for the children you had prior to getting married, there is a chance that it won’t happen that way. Because of this, it’s best to have a solid estate plan as soon as possible so you know that your children will get what you intend.
More than likely, you won’t be able to use only a will to accomplish this. Instead, it’s a good idea to set up trusts that enable you to dictate what your children will get. You can set terms on the distribution of the assets, which is a benefit that some individuals appreciate.
By setting up your estate plan, you can take away the possibility that your children will have to wait on your current spouse to pass away. It enables you to pass on specific assets to them as soon as you pass away.
Another consideration if you’re in a blended family is outlining your plans for medical care. You can name a power of attorney for health care, which could prevent your current spouse and your adult children from battling about your health care.
Overall, having a comprehensive estate plan helps everyone. You can have peace of mind in knowing that your wishes are outlined and your family members can easily follow the plan if something happens to you.