Estate Planning Tips For Blended Families

Today, blended families are more common than they ever have been before. Blended families are typically a result of two people, who have children from a prior relationship, coming together to form a new family unit. Relationship dynamics are always changing and as different households come together to form a new one, there are certain factors that can become complicated. One of these is estate planning. Below, our St. Petersburg estate planning lawyer outlines the different challenges associated with blended families, and tips that can make it easier to create your plan.

What Estate Planning Challenges Do Blended Families Face? 

The dynamics within a blended family are unique, and this can present certain challenges when estate planning. For example, many parents in blended families want to make sure children from a previous relationship inherit certain property while the new spouse and children are also provided for. Ensuring fairness among stepchildren and biological children is a great source of conflict and tension in blended families. Parents are also often concerned about the appearance of favoritism, which can result in legal disputes or strained relationships after the death of a parent.

Another unique challenge when estate planning for a blended family is managing property that was acquired during the new marriage, as well as assets that were acquired before it was formed. Determining what is fair can be difficult. When an estate plan is not in place, blended families can become embroiled in legal disputes that can drain financial resources, and be emotionally challenging, as well.

Estate Planning Tips to Help Blended Families 

There are many tips that can help blended families overcome the distinct challenges they face when estate planning. These include:

• Communicate with all loved ones: Communicating with your spouse and all of your children, before you even start any legal paperwork, is of critical importance when trying to avoid possible disputes and misunderstandings in the future.
• Clearly state your wishes: It is important to use very clear language in your will about which person will receive certain property. Simply saying, “I leave everything to my children,” can raise questions about whether you meant all of your children, or just your biological children.
• Do not include a no-contest clause: A no-contest clause can prevent disgruntled heirs from challenging a trust or will. However, Florida does not enforce these clauses.
• Appoint a neutral personal representative: Choosing someone other than a family member to act as your personal representative can ensure there is no appearance of favoritism. Professional advisors or a trusted friend can serve as your personal representative.

Call Our Estate Planning Lawyer in St. Petersburg for Help 

One of the best tips when planning for the future of a blended family is to speak with a St. Petersburg estate planning lawyer. At Legacy Protection Lawyers, LLP, our experienced attorney can provide the solid advice you need to create a plan that will protect you and your family now, and in the future. Call us now at 727-471-5868 or contact us online to schedule a consultation and to learn more about how we can help with your case.

Source:

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0732/0732.html