Do you and your spouse have children from previous relationships (AKA a blended family)? If you and your spouse do not have an Estate Plan, your children may be disinherited from receiving your assets!
The State Has a Plan For You . . . but it Might Not be Best for You
Generally speaking, when one spouse passes, the surviving spouse receives all of the decedent’s assets. However, if the surviving spouse does not have an Estate Plan allocating half of the assets to be distributed to the decedent’s children, all of the assets will go to the surviving spouse’s children, effectively leaving the decedent’s children with nothing. This is why having an Estate Plan is so important for blended families.
What Are Your Options as a Blended Family?
Creating a Trust of your own or with your spouse will ensure that your children will receive their inheritance, along with anyone else you may want to add! Every Estate Plan is unique to you and your blended family; the possibilities are almost endless on what you can accomplish with your Estate Plan!
Additionally, Powers of Attorney are very important as well. Blended families can run into family strife or additional confusion when deciding who should be making your decisions under certain circumstances. Take that decision into your own hands and ensure that the people you trust most are the people making those decisions for you.