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How to plan your estate for two separate families

Families come in all types and sizes these days, including many people who have been married more than once and who have children with more than one spouse. Although all people who have dependents should consider their estate-planning carefully, those people in the Lee County area that have two families or mixed families have even more to think about when they prepare their estate plans.

Planning for one family can be difficult, but planning for two families or mixed families can include even greater challenges. However, there are some tips to keep in mind that can make estate planning for families with these kinds of dynamics much easier. It’s important to consider how long one’s family has been together. If a person remarried when the kids were young then his or her plan will probably be much different than if he or she remarried after the kids were grown.

A person should provide for a subsequent spouse, but also make sure his or her kids don’t have to wait till the spouse dies before they can receive their inheritance. One should also plan appropriately for the home in regards to both his or her spouse and children. Also makes sure to communicate plans with all those involved, either separately or together. Lastly, it’s better to worry about family peace than it is about taxes.

Estate planning is important, but it can be difficult, which is why seeking the help of an experienced estate-planning attorney might be a good idea for anyone preparing his or estate plan. That includes anyone who has two families or is in a mixed family.

Source: The Street, “6 things to consider when estate planning for your second family,” Kathryn Tuggle, August 7, 2014.

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