Many people in Ohio find it difficult to talk about making a will or a trust in part because this means facing the reality that they will someday die. While a good estate plan can benefit anyone, it has particular benefits for remarried couples, especially when one or both spouses brings children into the marriage from their prior marriages or relationships.
As Forbes explains, once a blended family is created, an estate plan is not just about who will get what anymore. Now there may be competing concerns or interests where the children or grandchildren of the deceased spouse seek to get what they believe is their fair share of a parent’s estate while the surviving spouse might be looking to retain as many assets as possible to support them during the remainder of their life.
Even with a good trust or will in place, people should carefully review their beneficiary designations as these will always overrule a will or a trust. It is also essential that couples consider creating documents that give power for making financial and health care decisions either to each other or to another person such as an adult child. The more decisions are made ahead of time, the less chance there may be for a surprise or conflict later on.
If you would like to learn more about the intricacies of designing an estate plan for your blended family, please feel free to visit the remarried couple’s long-term planning page of our Ohio estate planning website.