Estate Planning for Blended Families
Many of our clients are faced with the challenges of being a part of a “blended family” resulting from one or both spouses having children from a prior marriage. Unique and often thorny issues arise during estate planning for blended families. For example, the desire to provide for a current spouse may conflict with the need to provide for one’s own children from a prior marriage. An estate planning lawyer from Ronald Fatoullah & Associates can help you navigate these types of dilemmas.
A lack of planning can lead to unforeseen difficulties. For example, in cases where a will or a trust has not been created, New York State law provides that the first $50,000 passes to the surviving spouse, and the balance is divided equally between the spouse and the decedent’s children. Without appropriate planning, the assets of a deceased spouse could be distributed to his or her heirs in a way that may be contrary to his or her wishes.
Effectuating a proper estate plan for a blended family provides an organized and equitable way to distribute estate assets, and to provide for a spouse as well as children from a prior marriage. This planning also helps to minimize animosity among surviving beneficiaries.