Estate planning for blended families
You have found love and are ready to share your life with with your spouse. You or your spouse might have children from previous relationships and might have children together. Your estate plan will need to be as unique as your family. Blended families present specific considerations when drafting an estate plan.
Your proactive choice to create an estate plan will allow you to specify how your property will be divided and allow for your spouse to assist with financial and medical decisions if you are not capable of handling those decisions yourself. Your comprehensive estate plan will be similar to a married couple plan with some special planning considerations to achieve your family goals.
Not creating an estate plan results in your spouse and children inheriting equally in most circumstances under state law. If you intend for your spouse to only inherit, you will want to create a Will or Trust to clearly state your intentions.
Unintentionally disinheriting children is the scenario families usually want to avoid. For example: Mike and Carol marry. They each have three children from previous relationships. Mike passes away and leaves all his property to Carol in his Will. Carol remarries and updates her Will to leave all her property to her new spouse Sam who has children. Carol passes away. Sam passes away and leaves all his property to his children through his Will. In this example neither Mike or Carol’s children inherited any property.
Define children in your estate plan. When parents of blended families want to leave property to their children, they need to be clear how they are defining their children in their estate planning documents. If you pass away without a Will, Kansas and Missouri will only recognize biological children or legally adopted children. With proper estate planning, you can specify your spouse’s children are to inherit as well as your biological children.
Protecting your spouse and your children is possible with proper estate planning. You can provide for your spouse during their lifetime and then direct assets to your children. You may decide you want to provide for your spouse during their lifetime and direct distributions to adult children during your spouse’s life. We will discuss how your estate plan needs to comply with Kansas and Missouri elective share to ensure the time you put into your plan is not undone. Your plan may divide assets equally or according to need. Your plan will also address the issues of minor children.
It is important to think through these concerns and have open, honest discussions with your spouse and family. You will be taking the step towards family harmony.