Blended families can bring unique joys. However, when it comes to estate planning, without a clear plan in place, misunderstandings and unintended consequences can create stress for loved ones during an already difficult period.
A well-structured estate plan can ensure that your family is cared for in accordance with your wishes. Whether balancing assets between a current spouse and children from a previous marriage or protecting inheritance from legal disputes, the right plan in place can provide peace of mind.
Ways an estate plan can help
An estate plan is, at its core, a carefully prepared collection of documents detailing your wishes on important subjects such as the distribution of property and guardianship of minor children. It helps to ensure your assets are passed down according to your wishes instead of left to the default rules of the state. However, without a proper estate plan in place, your property will go through a legal process known as intestate succession. This process follows state laws to determine how your estate may be distributed among certain family members.
Under intestacy laws, assets are typically inherited by:
- surviving spouse
- biological children
- adopted children
- other family members
However, these laws do not recognize stepchildren as heirs unless they have been legally adopted. No matter how close your relationship may be, the law doesn’t automatically provide for them in inheritance matters. Without an estate plan in place, they may be left without any claim to assets you intended for them to receive.
Every family has its own unique dynamics, and a well-crafted estate plan allows you to protect and provide for your family in the way that best reflects your wishes. With the right legal guidance, you can create a unique plan that helps to bring clarity, security and lasting peace of mind for everyone involved.