On average, around 40 to 50 percent of marriages in the United States end in divorce. In Florida, divorce rates hover around 3.1 per 1,000 people. As a result, many families in the country, including Florida, have blended families.
Blended families or stepfamilies are those with a child or children from a previous marriage between one spouse or both. Estate planning in such families can be more complex. To ensure that every member of your blended family is protected, here are some things you may consider.
Common challenges
Blended families often have complex relationships and complicated financial arrangements. Some issues blended families face in estate planning include:
Fair distribution of assets left behind: Ensuring fair treatment for biological and stepchildren can be tricky.
Rights of the spouse: balancing the needs of the current spouse with children from the previous marriage may be challenging and require careful thought.
Resolving family conflicts: Without clear communication, arguments may arise between biological children, stepchildren and their spouses.
Clear communication and proper, complete documentation can help prevent disputes among members of blended families.
What you can do
A well-drafted will can be crucial in detailing exactly how you want your assets divided between your family. If you have children who are still minors, consider creating a trust to manage your estate and appoint a guardian for them. Reviewing and updating your beneficiaries after a divorce and other major life events will also help reflect your current wishes.
Discuss your plan with your family
Open communication is vital in avoiding future conflicts after death. Planning how your estate is managed does not need to be stressful and complicated. Consider seeking legal guidance to ensure a smoother process for your family.