Family estate plans are changing because families are changing. While many estate plans remain focused on providing for a spouse and children after passing away, more and more address complex considerations because of a blended family.
What if you have one child of your own from a previous marriage, and two children with your spouse, while your spouse has 1 child from a previous marriage. How should you care not only for your own children from a previous marriage, but also for your spouse’s children from their previous marriage or relationship?
This kind of planning requires open and frank discussion between spouses, and sometimes the adult children as well, so they are prepared for and understand your wishes. It also requires you to think through some difficult scenarios to make sure your estate plan prepares well for several contingencies. If you pass away before your spouse, how can you be sure your surviving spouse will provide for your own children? If your spouse passes away before you, to what extent should you care for their children? Do you anticipate conflict between your children over your respective estates?