Blended families have unique estate planning needs. If you or your spouse has children from a prior relationship, it's important to make arrangements according to what's best for your family. Use the following strategies for handling your legacy in a way that prioritizes the relationships that matter most.

What to Know About Estate Planning With a Blended Family

1. Update Your Beneficiaries

When you get married, you may have named your spouse as the beneficiary on all your accounts, including retirement and life insurance policies. However, in a blended family, it is important to update your beneficiaries. 

If you do not name your stepchildren as beneficiaries, they could be left with nothing if you pass away. It’s a simple process and can be done by contacting your bank, investment company, or insurance provider. 

2. Account for All the Heirs

In a blended family, it is essential to consider the financial needs of all the heirs. This can be complicated, as the children may come from different relationships and have different financial needs. 

When planning your estate, consider the financial needs of each child and ensure that your assets are distributed fairly. This may require dividing your assets in different ways, depending on the needs of each child. 

3. Name the Guardians for Each Minor

If you have minor children, it is important to name a guardian for them in the event of your death. This is especially important in blended families, where there may be multiple sets of parents. 

When naming a guardian, consider the best interests of your children and who can provide the most stable environment. It is also important to consider the relationship between the potential guardian and your children. 

4. Consider a Trust

A trust can be an excellent estate planning tool for blended families. By setting one up, you can ensure that your assets are distributed according to your wishes. This is especially important if you have children from a previous marriage, as a trust can provide for them while also protecting your current spouse's financial interests. 

A trust can also be used to ensure that your assets are distributed fairly among your children. By setting up a trust, you can ensure that your assets are distributed according to your wishes, even if your children are minors or adults.

If you want help with your estate planning arrangements, turn to Baker Law Firm LLC in Missouri. These attorneys have served clients throughout St. Clair, Henry, and the surrounding counties since 1975. They'll help you craft thorough documents to ensure each member of your family is accounted for and that your savings go to the right people. Get more information about their services online, or call (417) 646-8125 to schedule an appointment.