Creating an estate plan may seem daunting, but preparing a plan can help protect your family from legal issues and ensure that all your loved ones receive an inheritance. Pennsylvania blended families need to create a plan that protects both the biological children and those added through marriage.
Creating an estate plan that works for your family
Estate planning in a blended family requires a plan that accounts for all children in the family. Depending on your situation, several possible options exist for blended families:
• A family trust provides a way to place all of the family assets into a combined trust when one of the spouses dies.
• A marital trust allows your assets to pass on to the remaining spouse, but it also provides the benefit of making it possible to include a plan for every child in the family.
• An outright trust gives all of the remaining assets to the surviving spouse, which provides for a simple estate plan.
• Immediate bequests allow each of your children to have exclusive rights to specific assets named in your will.
When you have a solid plan for your estate, you can better avoid complicated legal issues later on down the line. By thinking carefully about the kind of estate plan that makes sense for your family, you can reduce any ambiguity about how your assets are distributed. Each type of trust comes with its own pros and cons, so it’s important to find the right option for your family.
Get the resources you need to plan your estate
Take your time going through your plan with your spouse and even former spouse when needed. Since an estate plan involves many components, it makes sense to get some professional guidance to work out the finer points of your plan. Creating a solid plan can help avoid issues later on down the line, which means your children won’t need to worry as much about their future.