I was in a meeting one time with a middle-aged couple needing a Will. In the meeting they literally started fighting and yelling (ok, maybe that’s a stretch – it was a loud verbal discussion). The reason for the fight – they could not agree on how the property was going to be distributed when each of them died.
What was the problem? Kids from a prior marriage.
If you have kids from a prior marriage, estate planning may be quite a bit more complicated in this situation.
Here are some things to consider:
- How to balance the needs of your current spouse and children from previous relationship.
- Using Trusts to ensure all beneficiaries are provided for.
- Think through inheritance timing and distribution.
- Use Life Insurance as an estate planning tool.
- Regularly reviewing and updating your plan as family dynamics change.
Carefully thinking through these things will help prevent big conflicts for all members of blended families.
Call us today if you would like to talk through your estate plan; especially if kids from a prior marriage are involved.
PS. Please don’t yell in the office – it makes us uncomfortable!