Estate planning for blended families

On Behalf of | Oct 21, 2019 | Blog

Couples in Nevada that marry later in life with children from prior relationships may need to pay special attention to estate planning. When people create a will, they are making decisions about how they want their assets to be distributed. It can be important for people to think about all of the complicated family relationships involved to help ensure the outcomes that they desire. If a person leaves their entire estate to their spouse, it becomes his or her property. This means that there is no guarantee that those assets will be later passed on to children or any other party.

This is a special concern for blended families, especially since each partner may be bringing their own children as priorities to the relationship. Spouses may want to consider estate planning options that pass on the majority of their assets to one another but provide security for each partner’s child or children. Many people steer clear of open discussion of these issues, but clear communication and consultation with professionals can be excellent ways to avoid future pain and serious financial conflict in the family.

There are a number of options that people can use to determine the future of their assets. They could create a will and distribute their assets through probate, assigning a portion to a spouse and another portion to children. Trusts provide greater flexibility and control. They can provide options to give distributions to multiple people or to provide for specific goals, such as education for children or grandchildren.

When people think about the future, there are a number of decisions and planning options that can help them obtain the outcomes they desire. An estate planning attorney may help people draft documents like wills, trusts and powers of attorney that can assist people in fulfilling their goals.