Estate planning for blended families in Cincinnati, Ohio isn’t THAT much different from estate planning for traditional families but there are some key differences. If your family is a blended family, read this short post to see if you’ve covered those key points in your estate plan.
Who is responsible for the kids?
If something happens to you or your spouse, or heaven forbid, both of you simultaneously, is your estate plan for your blended family up to date? Different scenarios require different directives. If your former spouse died but your current spouse’s former spouse is still alive have your directives covered what happens? If you have had more children together, former spouses don’t usually play a role in their care, but you do need to legally appoint one or more guardians. Now is the time to consider all the possibilities and make sure each child is covered in your plan based on your current situation.
Designated beneficiaries from five years ago may not be the same as you would designate now – right?
Life changes and those changes require estate plans for blended families to change. This is especially true if your estate plan is out of date, perhaps before your current marriage. The need to update beneficiaries is not unique to blended families but, it can become critical when there have been divorces, remarriages, shared custody children, etc. For example, do you still want your former spouse to be the beneficiary of your 401(K)? Probably not.
Is your will up-to-date —including children with your current spouse?
Estate planning for blended families in Cincinnati, Ohio includes wills, of course. For example, if the will is not updated and you die, things can get, at minimum awkward or at worse, litigious, when your current spouse wants the antiques you bequeathed to your former spouse in your old (but still valid) will. No time like the present to update your will, making sure to cover everything related to your children, step-children, and current spouse. It is the loving to do.
By the way, this is a good time to point out that when you are estate planning for your blended family you probably DON’T want to act as though all of your heirs are “equal”. For example, perhaps, when you die, you know you want your house (that was yours BEFORE you remarried) to be sold and the proceeds divided between your children from your first marriage. Normally the surviving spouse inherits the house – which means he/she could sell it and hand the proceeds off to her/his kids. And cut your children out. Or maybe you have a disabled child that deserves special attention. Or perhaps a child who has a history of drug abuse or is addicted to gambling. Every family is different … every blended family is different. All heirs should be treated appropriately and that may not mean the same as being treated equally.
So you see estate planning for blended families in Cincinnati, Ohio isn’t so different than planning for traditional families but there are some special considerations. I hope if you have a blended family your estate planning documents … from your will to your power of attorney to your trust are updated. If not, I’d be honored to help you. Please visit my website https://davidlefton.com/estate-planning-for-all-stages/estate-planning-for-blended-families/ or simply pick up the phone and call me at 513-399-7526.