In this article, you can discover…
- Why it’s crucial to update estate plans after remarriage.
- The legal protections that exist for children from previous marriages.
- How an attorney can help you handle difficult inheritance conversations.
What Are The Risks Of Not Updating My Estate Plans After Remarriage?
If you fail to stay up-to-date with your estate plans, it’s very possible that your will could be contested and cause delays in settling your estate. However, a more difficult challenge lies in the risk of inadvertently disinheriting one of your spouses or your children when you remarry. If you do not update your will to account for life events as they occur, it may fail to account for your children. It is also possible that state guidelines could stipulate that you leave everything to your new spouse in spite of your adult children.
Additionally, it’s best to ensure that any provisions you are making for step children be spelled out and defined clearly to avoid disputes or power imbalances among these parties. Likewise, it is equally important that all of your beneficiary designations on all of your documents be updated to remove your previous spouse. You should be sure that your life insurance, retirement accounts, pensions, and annuities are all updated accordingly after you remarry.
How Can I Ensure Fair Asset Distribution Among Biological And Step Children?
Step children will not naturally inherit from you, so you will want to make sure that you clearly spell out in your estate planning documents exactly what you are planning to leave to any step children to avoid arguments down the line. You also want to avoid making verbal agreements or understandings with your new spouse and their children, because what you say verbally will not hold up in court.
Attorney Robert Maines is a seasoned lawyer based in Sweetwater, TN who has helped countless clients just like you build strategic estate plans. With a rich history of providing legal solutions to his community, Robert is prepared to assist you in creating your estate plan so that you can ensure that your wishes will be respected when you pass.
Still have questions? Ready to get started? Contact Maines Legal today to schedule an initial consultation.
What Legal Protections Exist For Children From Previous Marriages?
While it is not always successful, children from previous marriages have the ability to contest a new will. It is important that your will clearly defines your plans, even if you decide that you will not be leaving anything to children from previous marriages. Additionally, if there is no will, there are specific protections under the law for intestate estates, meaning that biological children will be entitled to a portion of your inheritance.
Which Tax Implications Should Be Considered By Blended Families When Planning Estates?
I often talk to individuals who are concerned about what will happen to their homes and properties when they pass away. Many individuals are worried about the tax implications of transferring their assets through the probate process. I often find myself advising clients to transfer their properties directly to their intended heirs by name or creating a living trust to avoid transferring these assets through probate and facing significant tax implications.
How Do You Help Blended Families Handle Sensitive Discussions About Inheritance?
I have navigated situations where biological parents and their children do not have close relationships with each other, and the children actually have more of a relationship with the step parent. In circumstances like these, it is important to clearly define everything that you’re leaving to your step children in your estate plan so that it may be differentiated from what you are leaving for your biological children.
Having a thoroughly defined estate plan that you can explain to all of your heirs in advance may help to alleviate any hurt feelings by your family members.
Still Have Questions? Ready To Get Started?
For more information on Estate Planning For Blended Families In TN, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (423) 456-4778 today.
Attorney Robert Maines is a seasoned lawyer based in Sweetwater, TN who has helped countless clients just like you build strategic estate plans. With a rich history of providing legal solutions to his community, Robert is prepared to assist you in creating your estate plan so that you can ensure that your wishes will be respected when you pass.
Still have questions? Ready to get started? Contact Maines Legal today to schedule an initial consultation.
