Estate Planning in Blended Families
Jan. 17, 2019
Many Myrtle Beach area families are not traditional. Some first marriages end in divorce and don’t always last forever. But, these couples may go on to marry someone else, bringing a complex situation to estate planning.
When a person has a blended family, it becomes even more important to have an estate plan. Each person entering a second or subsequent marriage comes in with their own assets, debts, and financial obligations. It is first important to discuss what these are. Couples need to work through their separate assets and financial goals. If there are children from previous marriages, often couples set aside assets just for them. Everything should be put into writing and what is separate property and marital property should be spelled out. Creating a prenuptial or postnuptial agreement may also be a good idea. Finally, a person should also update their beneficiaries on all accounts as many times an ex-spouse is listed.
Many families understand the complexities of a second marriage. Although these marriages can bring joy, they can also bring estate planning complications. Having a plan in place can bring peace of mind that a person’s wishes will be honored.
A legal professional who specializes in estate planning understands the complications of a blended family. They can help their client with their financial goals both now and into the future. They know that their client wants to leave assets to both his current spouse and his children and sometimes this can get complicated. A well-thought-out estate plan can make sure this occurs and a person’s wishes are followed upon their death.