Every piece of your family is special so your Estate Planning documents should be as unique as you are
Updating Documents to Include Your New Family
This seems like a no-brainer, but some people forget this key step when they get remarried. Blended families are wonderful, but they do bring with them a whole slew of special circumstances when it comes to Estate Planning. Schedule an appointment with an experienced planner now. He can walk you though everything you need to think through and document.
Protecting Your Biological Child’s Inheritance After Your Death
While you are alive, everyone under your roof is treated the same. But will that be the case once you pass? You may want special considerations in place for any biological children. If you don’t clearly outline your wishes, your child may not receive any inheritance. For example, if your assets all pass to your new spouse, when she eventually passes years down the line, everything will likely be divided equally among her children – and your biological children may be excluded. Make sure you consider various scenarios.
Dividing Assets Amongst All the Children
Because the children in your family have multiple parents, you should consider how inheritance should be divided. If one child is set up for a large inheritance from another family member, maybe the other children should receive a larger percentage from you. You can divide assets any way you see fit – but you need to spell it out in your Estate Plan.
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