Is your family what is called a blended family? Second marriages with children from the first marriage and perhaps children from the second or third marriage? If that is the case, as a parent, your responsibility to protect everyone is even greater and, frankly, a little more complicated than traditional families. You may have to consider former spouses, former in-laws, step-children, etc. Unlike a traditional family, asset distribution may not be so straightforward.
What might be included in a typical will for blended families in Cincinnati? That, of course, depends on your family’s unique circumstances, but here is a list of what might be important for you.
1. CLEAR DEFINITIONS OF WHO GETS WHAT: Your will should name names and be explicit regarding beneficiaries. This can be very important when it comes to family heirlooms or property.
2. SETTING UP A TRUST CAN BE A GOOD IDEA: If one or both spouses have children from previous marriages, they may want, in addition to their wills, to consider setting up a trust to provide for their children’s financial needs while also ensuring that their spouse is taken care of.
3. SELECTING AN EXECUTOR: This is the person who will be responsible for ensuring the will is administered according to the deceased’s wishes. When there is a blended family, it is critical that the individual is trustworthy and will be impartial.
4. PRE/POSTNUPTIAL AGREEMENTS: I know these agreements don’t get a lot of good press, but in this case, they can be beneficial in clarifying how assets will be distributed both in the event of divorce or death. It is something to consider in addition to your will.
5. KEEP YOUR ESTATE PLANNING DOCUMENTS UP-TO-DATE: A will made several years ago before your most recent child was even born or your second marriage took place is not helpful. You want to keep your documents current with your life changes. This is why I offer a complimentary review of my client’s estate plan every three years. My goal is to ensure any significant life changes, such as divorce, new additions to the family, inheritances, etc., are all accounted for in their plans.
None of us know what tomorrow will bring, but we can account for what has happened in the past. If you don’t yet have a will or it needs to be updated, please, don’t hesitate. Protect your hard-earned assets and your family. Call me at 513-399-7526 or visit my website https://davidlefton.com/estate-planning-for-all-stages/estate-planning-for-blended-families/. You can even schedule a consultation with me from there.