Estate Planning Tips for Blended Families
Divorce and remarriage is increasingly common. Typically called blended families, when someone remarries their new family often consists of a couple and their children from this and all previous relationships and marriages.
Over 50% of first marriages end in divorce
Over 60% of second families have children
43% of divorced adults remarry
16% of children live in blended families
Blended families can be complicated and face many challenges - new relationships and rules, changed holidays and traditions. When a parent dies and their family includes ex-spouses, adult or minor children from 1st and 2nd marriages, stepchildren
3 Estate Planning Tips for Blended Families
1. Update Wills and Trusts
If you were previously married, your former spouse is likely a beneficiary in your will or trust. If you have remarried and now have stepchildren, your spouse and stepchildren are probably not included in your current estate plan. Update your wills, trusts and other estate planning documents so that your intentions are clear and documented.
2. Update Your Beneficiaries
Any time you have an important change in your life, you should review and update your beneficiary designations on your insurance policies, bank accounts, retirement accounts, IRAs, stock and bonds, social security and all other financial documents.
3. Did You Sign A Prenup?
Georgia courts recognize the validity of both legally executed prenuptial agreements and wills. While the signing date of each document would be used by the court to help determine your most current wishes on how to distribute your assets after your death, creating both a prenuptial agreement before your marriage then executing or updating a will after your marriage is the best way to safeguard your loved ones in blended families.
Deciding how to protect your loved ones requires on-going conversations about the future. The process of creating a new family doesn't happen over time, but an updated estate plan will protect your family today and in the future.
If you don't have a will or written estate plan, your money and property assets that are normally distributed to your heirs through your will or trusts will instead be distributed through Georgia’s intestacy laws. Intestacy laws determine who inherits your property if there is no will.
Your Trusted Legal Partner in Georgia
If you need help updating your estate plan after your remarriage and to protect your loved ones after you are gone, contact your trusted legal partner, the team at SmithTaire Legal. Our virtual office is open and we can help you via telephone, email, FaceTime, Zoom, DocuSign and other tools.
Schedule an appointment with us today at 678-253-8133 to discuss your situation.