Getting remarried is often the marker of a new chapter in life. In many cases, it also means welcoming many new loved ones—such as stepchildren—into your life. However, as family dynamics change, it can be more challenging to determine how your affairs will be handled if you pass away or become incapacitated. Fortunately, there are many estate planning solutions that can provide clear guidelines for your surviving relatives. To help you navigate this essential legal process as part of a blended family, here's a brief guide to estate plans.

Who Inherits My Assets Without an Estate Plan?

Estate plans are considered first when determining who will inherit assets after you pass away. However, if you don’t have a will or other components of an estate plan, your assets will be distributed to surviving relatives according to state intestacy laws through probate court proceedings. 

In Ohio, the specific structure of your blended family will determine intestacy procedures. For example, if you pass away with a surviving spouse but no children, your spouse will inherit all assets being processed through probate. However, if you have a child from a previous marriage, your surviving spouse will inherit the first $20,000 of the estate and one-half of the remaining balance. Your surviving descendants will receive the rest. 

Alternatively, if the surviving spouse is a biological or adoptive parent of at least one of your children, they would receive the first initial $60,000 of the estate and one-third of the remaining balance. Your surviving descendants would inherit the rest. To craft a more personalized inheritance, however, you will need to create an estate plan.

Is a Will a Reliable Way to Plan Inheritances for Children?

With a will, you can leave everything to your spouse with the expectation that they will share it with your children. However, they don’t have to abide by these expectations. They have the right to decide to remarry and share their assets with a new spouse or withhold assets from children. 

To prevent these complications, consider managing these decisions with a standard living trust. With a living trust, you can designate inheritances for children with specific terms, such as creating allowances or reserving funds for college. A trustee—a dependable third-party that you choose—would oversee the estate to ensure these terms are carried out. 

For a simpler solution, you could create a marital trust that would pass all assets to your spouse. Once your spouse passes away, the remaining assets would be transferred to your children. 

If it's time to update your estate plan after a recent family change, consult Dennis P. Faller, Attorney at Law in Wapakoneta, OH. Specializing in estate planning, this lawyer is skilled at navigating the complex legal matters that blended families face. With a personalized approach, he will ensure all your assets are accounted for to protect your final wishes. Visit this estate planning attorney online to learn more about his services, or call (419) 738-4578 to schedule a consultation.