Estate Planning for Blended Families in Libertyville
Serving Families In-Person & Virtually in Illinois & Missouri
Times have changed. In the new millennium, whether due to the death of a spouse or through divorce, blended families now outnumber traditional nuclear families. And the number is likely to grow, based on current statistics and trends.
Many blended families face unique social, psychological and economic challenges. As a result, over 60% of second marriages end in divorce. Fortunately, there are numerous organizations and support groups dedicated to helping blended families with these challenges.
If you already have an estate plan created when you were “previously” married, then we can help bring it up-to-code to reflect your new wedding vows. Unfortunately, little attention has been paid to the critical estate planning challenges confronting blended families. These challenges include disinheriting your ex-spouse and protecting your own children.
Without proper legal planning, your ex-spouse (as surviving parent/guardian) would likely be appointed by the probate court to manage the inheritance you leave to your minor children. To make matters worse, what if your children later predecease your ex-spouse, and are single and childless at that time? Who would inherit your assets then? That is right … your ex-spouse, as the next-of-kin of your children.
Chances are you made a few solemn promises to your new spouse on your wedding day. Among them were promises to be there through thick and thin, personally and financially. In the absence of a premarital agreement to maintain separate assets, most spouses in blended families tend to blend their wealth. For example, they title their respective assets in the names of both spouses and also designate one another as the primary beneficiary of their respective retirement plans and life insurance policies.
Warning: If you predecease your new spouse, then you may forever disinherit your own children from your share of such blended wealth! Thereafter, upon the death of your new spouse, your assets may be inherited by your stepchildren, or even by your new spouse’s next spouse and their children. Yes, things can get complicated – and fast!
Regardless of whether children are reared in a traditional nuclear family or in a blended family, great care should be given to protect any inheritance both for them and from them. For starters, wealth representing a lifetime of your hard work and thrift can be squandered in very short order. Dollars earned just spend differently than dollars inherited. In addition to good old-fashioned squandering, an inheritance can quickly vanish through divorces, lawsuits and bankruptcies.
Fortunately, with proper (and very careful) estate planning, you can both honor your vows to your new spouse and provide an inheritance that is protected for and even from your own children.
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The Family Estate & Legacy Client Care ProgramOur Family Estate & Legacy Program offers a comprehensive approach to estate planning. As a member of this program, you'll have 24/7 access to your legal documents and our estate planning team for any questions or concerns. You'll receive legal updates, simple amendments to your trust, end of year estate plan reviews, and access to educational programs and workshops. -
Building a Living & Lasting Legacy
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Your Estate Planning GuideDiscover the advantages to Illinois and Missouri estate planning and strategies to create your best estate plan. Learn more in this free book, authored by your estate planning guide, Shanise Evans.
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Register for an Event or Inquire about a Speaking EngagementShanise has a true passion for educating and serving her community on the value of wealth generation and the importance of leaving a legacy for the efficient and meaningful transfer of that wealth, she is available for speaking engagements and has routinely presented before various professional and community organizations.
