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Estate Planning for Blended Families

Moses Estate Planning PLLC Feb. 14, 2024

Estate planning for those with kiddos from prior marriages can be complicated. The most important thing is making sure the kiddos are taken care of as desired, whether that is equally or unequally, and regardless of which parent the children come from. Here are some tips for estate planning for blended families:

1. Make sure your trust clearly defines how assets will be divided among all kids by naming each child and share specifically.

3. Use a Revocable Living Trust to create separate sub-Trusts for each kid to hold their inheritance. This keeps their portions separate from the current spouse's assets and provides asset protection from future ex-spouses of the children.

4. Provide specific funds for specific events such as college, trade school education, a down payment for a first home, and weddings for kiddos as desired.

5. Consider whether giving stepparents some decision-making to act in the children's best interests is possible and/or advisable.

6. Review your plan regularly as kids grow up to make sure your still meets their needs. Life changes quickly!

In the end, communicating openly with all kids before one's death is the most important part of establishing an Estate Plan that will not result in conflict. if a kiddos has an issue he or she would like to discuss, it is better to address that now rather than down the road in court.

Reach out to your local Estate Planning law firm, Moses Estate Planning PLLC, for more ideas on estate planning for blended families!