Estate Planning in a Blended Family
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Ambler Keenan Mitchell Johnson Denver, Colorado estate planning attorneys[/caption]
Blended families can consist of an unending variety of relationship combinations. Stepparents, half-siblings, siblings, step siblings, adopted children…the list goes on. If you find yourself in a blended family, there are some questions you may face when it comes to estate planning.
It is important for both spouses to have an open discussion with each other in order to create a plan that encompasses the needs and wishes of both parties. There is no “norm” for distribution of the estates of blended families. Some spouses prefer to leave the assets they entered into the marriage with to their own biological children, others prefer to distribute assets equally to all children in the family. Whatever the desire is for the distribution of assets, it is important to meet with an experienced, qualified estate planning attorney who can draft a complete and thorough plan that will cover intended beneficiaries.
Aside from a trust or a will, executing financial and health care powers of attorney and an advance health care directive is very important in the estate planning process.
Ambler Keenan Mitchell Johnson Denver, Colorado estate planning attorneys[/caption]
Blended families can consist of an unending variety of relationship combinations. Stepparents, half-siblings, siblings, step siblings, adopted children…the list goes on. If you find yourself in a blended family, there are some questions you may face when it comes to estate planning.
It is important for both spouses to have an open discussion with each other in order to create a plan that encompasses the needs and wishes of both parties. There is no “norm” for distribution of the estates of blended families. Some spouses prefer to leave the assets they entered into the marriage with to their own biological children, others prefer to distribute assets equally to all children in the family. Whatever the desire is for the distribution of assets, it is important to meet with an experienced, qualified estate planning attorney who can draft a complete and thorough plan that will cover intended beneficiaries.
Aside from a trust or a will, executing financial and health care powers of attorney and an advance health care directive is very important in the estate planning process.
- Be sure to get a new financial power of attorney naming your new spouse, if desired, and any successor agents that may have changed.
- The advance health care directive can guide your family and medical professionals in regards to decisions such as your end-of-life care and organ donation.