In the world of love and marriage, remarriage is a common occurrence. It does not matter if it is from death or divorce, finding new love and exchanging vows offers an opportunity to reengage in life. Adding children to the mix opens up many chances to grow as a person and couple. In other words, it is rarely dull. Blending a family is tough. Often, second marriages attempt to bring their respective kids together in the hopes of creating a Brady Bunch family.
As time goes on, blended families find a new normal and share a special bond. Issues may arise when one spouse dies, and it is time to disburse the estate. Death can test even the best relationships between step-parent and step-children. Take active measures in your Mississippi estate planning to ensure your family receives what you want them to have when you die. The team at Executive Planning Group (EPG) can help.
5 Tips to Consider when Planning Your Estate for Your Blended Family
When bringing two families together, it is common for each spouse to have assets and property that they want to pass directly to their children. If there are ex-spouses who are the parent to minor children, you may have additional considerations to keep in mind. Here are five tips to aid you in your estate planning:
- Take some time to list and think about your estate. You do not want to wait too long to plan, but you need to think through what you would like to do with your most valuable assets. For example, who gets the family house, your car, your grandmother’s cameo broach, or your retirement and brokerage accounts?
- Consider how the scenario may change based on who passes away first. If one of you has children, but the other does not, what will happen next? Does your childless partner want his or her share to go to you and your kids, or do they want some set aside for nieces and nephews?
- Remember to assess your beneficiary designations. You will want to do this anytime there is a significant change, such as a divorce or marriage. It is a good idea also to check this once a year. In Mississippi, an ex-spouse who is the surviving parent/guardian of your minor children may be appointed by the court to manage the inheritance you leave them.
- Make a list of specific items you want your kids to have when you die. In your final plan, list these particular pieces of property that you would like given to your children. It can help alleviate disappointment and tension later.
- Research different tools and techniques that can help satisfy your estate planning goals. For example, trusts are one way to ensure that your new spouse can make use of your property, and your kids still get what you wanted them to have. Pre-nuptial agreements can also help in this matter.
- Have family meetings and meaningful dialogue. Open communication is key to keeping the peace. These should be ongoing among all the parties involved.
Talk with an Experienced Estate Planning Consultant in Mississippi
Blended families bring new considerations in all areas of life. You will be able to make things much easier on all families when you take proactive steps in your estate planning strategies. As you work with your estate planning attorney, turn to the experienced team at Executive Planning Group. We help you preserve your wealth and assets for your heirs and generations to come. Discover the value of estate planning today. Request a quote online.
Call 601-982-3000 for more advice on an annual retirement planning review in Jackson, Mississippi.
Executive Planning Group is a separate entity from Valmark Securities, Inc. and Valmark Advisers, Inc.