If you take a look at society today, you will notice that the “modern family” is not what it used to be. Gone are the days where the majority of couples married for life. Whether for good or for bad, times have changed, and it has become more and more common to see blended families where one or both spouses are marrying for the second or even third time with step-siblings and half-siblings. Every situation and every family is unique, so every estate plan needs to be carefully tailored to meet the unique needs of each blended family.
Here are a few questions to consider if you are planning for your unique, blended family:
- How will our estate be divided when my spouse dies or when I die?
- Do my spouse and I want to keep our separate property separate?
- If I pass away first, do I want my spouse to have access to my separate property during the remainder of his or her life?
- If I pass away first, do I want my children to have a say in how my spouse spends from my estate?
- If my spouse wants to remarry, should I require that he or she first get a prenuptial agreement to protect my assets?
- Even though everyone gets along great right now, how will we keep the step- children from quarrelling over the division of assets?
- Can we choose someone now, during our lifetimes, to help settle disputes amongst beneficiaries after we pass away?
- Can we place restrictions on when and how our children receive their inheritance?
- Do I want my separate property to be distributed differently than my community property?
There are many other questions like these which you will want to ask as you plan your estate. Because estate planning is personal and distinct for each family, these kinds of questions cannot be answered or addressed in an estate plan created over the internet or using boxed software.
If you find yourself wondering how to answer those questions, please call us today and schedule a free consultation. After all, estate planning is our passion, and we would love to show you how a MH Estate Plan can address all these issues and more.
About Morris Hall:
At Morris Hall, we have focused our legal practice on estate planning for over 40 years. Along with estate planning, our attorneys help clients and their families with matters of probate, trust administration, wills, power of attorneys, business planning, succession planning, legacy planning, charitable gifting and other important legal aspects. We also have divisions in financial, real estate and accounting to help you incorporate all of your planning together, ensuring that everything works perfectly for your needs and situation. Our Arizona offices are located in Phoenix, Mesa, Scottsdale, Cave Creek, Tucson, Prescott, Flagstaff and Arrowhead. Our New Mexico offices are located in Albuquerque, Las Cruces and Santa Fe. Contact us today at 888.222.1328 to schedule an appointment!
This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.