Estate Planning for Blended Families
Blended families are extremely common in New Jersey. If you are newly in a blended family, or if you became part of a blended family some time ago, it is important to consider key issues for blended families in estate planning. Whether that means revisiting an old estate plan or creating new estate planning documents with the help of a Summit estate planning lawyer, you should not delay. The advocates at Dempsey, Dempsey & Sheehan can tell you more.
What is a Blended Family?
How can you know whether you are in a blended family, and if that means you should revisit your estate plan or create new estate planning documents? Generally speaking, everyone should review their estate plan regularly, so regardless of whether you are in a blended family, this is something that you should plan for with assistance from a New Jersey estate planning attorney.
A blended family — also known as a stepfamily — is generally understood to mean a family that is created through a second marriage in which both spouses have children from a previous relationship. It typically means there will be both step-parents and step-siblings. According to Psychology Today, approximately 15 percent of kids in the United States currently live in blended families, and that number is likely to increase.
Considerations for Estate Planning in a Blended Family
What are the key considerations and complexities for estate planning in a blended family? Consider the following:
- Having a comprehensive and detailed will that clearly outlines who should receive what assets;
- Considering one or more trusts, and identifying beneficiaries, to ensure that all of your children are provided for equally, as well as the possible need of providing assets to a former partner or spouse who may still be a key figure in your children’s lives;
- Updating documents to reflect your new spouse, including beneficiary designations on insurance policies and advance directives; and
- Having a plan to communicate estate plans with all members of the blended family to ensure that there are no misunderstandings.
Some blended families have fully working relationships with one another, and with ex-partners and spouses, such that major problems are not likely to arise. Yet even in those circumstances, it is critical to have everything in place so that there is not a dispute over assets and inheritances later on. And in the event that there is some animosity within your blended family, or with ex-partners, it is especially important to work on the details of your estate plan with a lawyer who can help.
Contact a Summit Estate Planning Attorney
Blended families can pose a range of complications in estate planning processes. While bringing two families together and creating a larger family unit with step children and step grandchildren can be rewarding and exciting, it can also result in questions and concerns about wills, trusts, and other aspects of your estate plan. It is important to seek advice from one of the experienced New Jersey estate planning attorneys at Dempsey, Dempsey & Sheehan. We can help you to update your estate plan in New Jersey accordingly and to take any sensitive issues into account when considering your estate planning needs after becoming part of a blended family. Contact us today for assistance.
Sources:
law.justia.com/codes/new-jersey/title-3b/
psychologytoday.com/us/basics/family-dynamics/blended-family
