Blended families have become more common in recent decades. People with children from prior relationships may combine their families into one blended family unit. Often the focus during that process is on the logistics of everyone living together and how the responsibilities of the newly blended family are shared.
The parents in the family may also need to consider establishing estate plans that address their legacy intentions and their dependents’ need for support. Estate planning is beneficial for anyone with dependent family members but especially for those in complex situations, such as parents with blended families.
Extending rights to stepchildren
Intestate succession rules apply when people die without a will. They protect the rights of spouses and biological or adoptive children. However, stepchildren do not have an automatic right of inheritance. Stepparents hoping to provide support for their stepchildren after their passing generally need to draft a will or fund a trust to ensure that their selected beneficiaries inherit from their estates.
Protecting assets for children
Another common reason that parents in blended families create estate plans is to protect resources that might otherwise pass to their spouses after they die. They can make arrangements using a will or trust to grant access rights to the family home to a spouse while preserving the property for their children to inherit in the future, for example.
Estate planning for a new blended family also typically requires discussions about the intentions of the parents so that everyone is on the same page. Creating a robust estate plan can help preserve resources and protect family relationships even in the most challenging situations. If you are in a blended family, get the assistance of an experienced estate planning attorney to help guide you through the process.