There are certain factors that can make an estate plan a little more complex than usual. One of these factors occurs when the will testator is on a second or subsequent marriage. Blended families pose some very unique challenges when it comes to estate planning, but that isn't a reason for adults in blended families to avoid making out these essential documents. Thinking about some basic points might help our readers in Florida who are in blended families to create estate plans that are fair for the entire family.
While most people think about things like tax implications when it comes to estate planning, blended families should think about the harmony in the family after you are gone. In an effort to promote this harmony, speaking to your intended beneficiaries about your intentions when you make a will or set up trusts will take the shock out of the reading of the will. This gives you a chance to explain yourself so they can all understand why your will is set the way it is.
Thinking about the time the blended family has been together might play an important part in the estate planning process. Generally, the longer the family has been together, the easier it is to include everyone in the estate plan for each parent.
Speaking of that, you should make sure that your will not only provides for your current spouse but also that it provides for your children right away. You don't want your children to have to wait for your spouse to pass away to get what you have left to them. Ensuring your children are taken care of might take some various forms of estate planning, so make sure you understand how to do so in a legal manner before making your will or creating other estate planning documents.
Source: The Street, “6 Things to Consider When Estate planning for Your Second Family” Kathryn Tuggle, Aug. 07, 2014