5 Tips for Estate Planning for Blended Families

Modern families often include second (or subsequent) marriages, half-siblings, stepchildren, and many other types of complicated relationships. That can lead to complications when spouses and children from your various relationships conflict. But you can take control and make sure everyone is provided for by using careful estate planning for blended families. Here are some things to consider as you look to the future for your different spouses, children, and other beneficiaries.

1. Weigh the Competing Interests of Blended Family Members

Thorough estate planning is a necessity for blended families. Traditional two-parent households, where the children share both parents, can rely on the Florida intestate succession laws to make sure their assets pass to their closest family members if they don’t have an estate plan or their Will is found invalid, in a blended family, someone is more likely to fall through the cracks. If a blended family finds themselves in the Florida probate courts, their competing interests can increase conflict and leave those you love out of the asset distribution. Second spouses may not have the interests of earlier children at heart, and older children may not willingly hand over family heirlooms or assets to someone you came to love later in life.

To avoid setting the stage for high-conflict probate litigation after your death, work with an experienced estate planning attorney to account for everyone who may have an interest in your estate, not to mention anyone you want to inherit who the probate court may otherwise overlook. Be sure to be explicit if you disinherit a former spouse or natural beneficiary, and to write your estate plan in a way that includes step- and half-siblings you want to include in your estate.

An estate plan can also be crafted using trusts in which you use your money to take care or your spouse after death but guarantee that any funds the surviving spouse does not need go back to your children–not your step-children, when your spouse passes away.

2. Make Sure Your Beneficiary Designations are Up to Date

Often, Florida residents may make an estate plan during their first marriage, but not update that plan after getting a divorce. Because of federal law, an ERISA retirement account or insurance policy will be paid out to the person named in a written beneficiary designation, even if that person is an ex-spouse. This can send blended families back to court as children and second spouses try to reclaim those benefits. To avoid this, make sure you file new beneficiary designations with each of your insurance companies, financial managers, and banks, to name the members of your blending family and ensure they are provided for, should something happen to you.

3. Consider a Prenuptial Agreement to Address Blended Family Inheritances

One of the strongest tools for estate planning for blended families is the prenuptial agreement. This contract needs to be signed before the date of the marriage. It can carve out non-marital property and assets that will belong to one spouse alone, so it will pass to your children upon your death, without interference from your current spouse. Marital agreements change the rules the probate court will follow in dividing up your assets, making sure each part of your blended family is included in your estate administration.

4. Make Use of Health Care Directives and Living Wills

The difficulties for blended families can start before your death. When a spouse and children from different relationships are in conflict, it can put your own health and well-being at risk. Estate planning specifies who makes your medical and end-of-life decisions, as well as dividing up your assets. You can use tools like Health Care Directives, powers of attorney, healthcare surrogate designations, and even a living will, to take the questions out of your care. Your healthcare providers will defer to your living will to resolve disputes and ensure you are given the type of care you want if you are unable to make decisions yourself.

5. Avoid Secrecy or Surprises for Spouses and Children

In blended families, it is more important than ever to clearly communicate your wishes and expectations to your loved ones, named personal representative, trustee, and anyone else named in your estate plan. Especially if you have modified your estate plan later in life, secrecy can create questions of undue influence. Don’t keep your estate plan a secret. Communicate your wishes with your beneficiaries, and make sure people you give authority to are willing to accept the role. This will reduce conflict after your death, and make sure your Will doesn’t get set aside.

Estate planning for blended families requires attention to detail and consideration of each family member’s competing interests. You need an attorney who can help you protect and provide for everyone you love. At Harrison Estate Law, P.A., our experienced estate planning team can help you work through even the most complicated family tree, and create an estate plan that will honor your wishes and avoid unnecessary probate litigation after your death. Contact us here or call 352-559-9828 to get help today.