Remarriages and divorces result in a major change in the lifestyle of today’s families. Stepchildren, ex-spouses and other relations need you to think about various ways to offer security for your dear ones when you do not exist.
Estate planning is important for blended families and it is one of the essential steps required to pass your property and assets to your loved ones. It makes sure that they are preserved and protected even after your demise.
It is recommended to work with an experienced estate planner as they develop plans as per your requirements. They understand the requirements of blended families and protect the worth of your estate. Moreover, they ensure that your dear ones receive the properties and assets they require.
Blended family requirements
When it comes to estate planning for larger families, it is common to see various conflicting goals and disagreements. It is necessary to know the requirements of all members so that you can develop a successful estate plan.
It is estimated that more than 50% of marriages result in divorce. It clearly shows that the requirement for estate forecasting for blended relations has increased. It has resulted in a unique situation where estate planning is tailored as per the property owner’s requirements.
A person may wish to transfer their assets to a spouse. But in some cases, they would wish to transfer assets to partner and also to their children.
Some people would prefer to transfer their assets to children. They would eliminate stepchildren from a third or second marriage. It needs assets to be separate. There are various estate planning tools that assist you to accomplish these goals.
Trusts and wills allow you to dictate how the properties are separated when you pass away. It is necessary to determine the worth of your shares and assets, which you wish to share among your loved ones.
Tips to meet your estate planning objectives
If you select to transfer properties to your children and exclude children of your existing partner, it is necessary to ensure that the assets are separated as per your wish.
It is complicated and challenging to separate joint assets. It is recommended to develop estate procedures for each partner. This way, the assets continue to remain in your own responsibility.
If you want to leave the assets to your partner and also offer for your children, you have to think about various estate planning strategies.
By utilizing the trust, it is possible to preserve estate assets for your partner. This plan will actually benefit your children too. When you consult your estate planning attorney, he/she would share the entire procedure and requirements to perform the estate planning in the right manner. They would see that you are able to achieve all your goals as you have in mind.
Other factors which can be addressed while estate planning is the amount you wish to offer later and the level of power you want your family members to accomplish over your estate.