Estate Planning
Getting it right from the start!
Do not be afraid of estate planning. But do understand that things are not as simple as they were prior to becoming a blended family. Most people believe (especially in community property states) that when a spouse dies, everything simply goes to the surviving spouse. This is not always true.
Think of the world as before and after a blended family…
Before... Everything goes to the children.
After... Prior assets go to the decedent’s children...
everything else gets apportioned.
Consider this. If you moved into your spouses existing home and something were to happen to them. The ex-spouse, as conservator for the children who inherit the home, potentially now has the right to liquidate your home. It could get very bad.
Some of the key points on which to concentrate are:
*Disinheriting your ex-spouse
*Protecting your biological children
*Providing for your new spouse and children
These tasks can be achieved a number of different ways, there is no one size fits all solution. This is why it is advisable to seek council from a qualified attorney. The
National Stepfamily Resource Center
can help with advice on how to choose the right family attorney.
Most important of all, if you do nothing else, Prepare A Will. This is the simplest and surest way to help keep the bumpy road of a difficult time from being even bumpier.
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