The Potential of World War 3!
Even if your family dynamic is great now, things could change after you pass away. Any surviving children from a prior marriage may have expected to have some say so to your burial plans, personal belongings of yours, or even thought they may inherit something when you pass away. Now knowing that these things may be in the control of the surviving spouse, it can lead to a world of conflict and drama in your family. (Believe us, we’ve seen our share of these situations on a regular basis!)
Get Peace of Mind NOW, While You’re Living
Rather than leave the potential care and well-being of your children from a prior marriage, as well as the pressure and hassle of managing what may come to your surviving spouse, you can get the peace of mind right now, while you’re living, by making sure you take the proper steps to get your estate and affairs in order right now. There are a number of ways that this can be done. From setting up separate trusts, putting additional trustees in place to take over when the time comes, giving your children a bequest upon your death, utilizing life insurance and retirement account assets to offset other Living Trust assets that may go to your surviving spouse, etc. There’s many options and all should be weighed and discussed with an experienced, licensed estate planner that knows what options make the most sense for your situation.
Last, But Not Least…
Last, but certainly not least, if it’s appropriate and your children are of age, consider either having a conversation or leaving a letter to explain your decisions and wishes. This can be about your desire for burial or funerals. This can be about what you want for your surviving spouse and your children (either from a prior and/or with your current spouse). You don’t have to get specific about amounts or anything like that. But, just explaining how you want things set up and how they will work can help alleviate the potential drama and conflict that may arise after you pass away.
Do you have a modern, blended family? If so, we welcome you attend one of our upcoming free Living Trust Seminars to learn more about the Law Firm of Kavesh, Minor & Otis. We have been servicing the estate planning needs and helping clients with all kinds of blended family dynamics for over 37 years. Keep in mind, even if you already have an estate plan, it should be reviewed and updated regularly. If you attend one of our seminars, at the conclusion of the seminar, all attendees will be offered a free consultation to come in and meet with an attorney. You can register to attend one of our seminars online or contact our main office at 1-800-756-5596. If you are unable to attend an upcoming seminar, please feel free to join our e-mail list and we will be sure to e-mail you of future seminar dates.
