The Importance of Estate Planning for Modern Blended Families
Estate planning is important for everyone, but especially for blended families. As an attorney, I’ve helped many blended families with their estates and seen the consequences of improper planning. I want to help my clients understand the importance of estate planning for modern blended families and guide them through the estate planning process so they can confidently move forward.
In My Early Days of Estate Planning
When I first started estate planning, I began in a firm in Metro Detroit. I helped many new clients with their estate planning needs, whether they wanted to update a will or trust or create a new one.
One day, a couple walked into my office — we’ll call them Mr. and Mrs. Brady. The two married later in life and had a blended family they wanted to provide for. Their story perfectly illustrates the importance of estate planning for modern blended families, from potential complications to the consequences of improper planning. Let me guide you through their story and help you understand how to avoid the same pitfalls.
Developing a Plan To Carry Out Wishes and Distributions of Assets
No two blended families are alike; you may have many stepchildren, family businesses, or high-value properties to worry about, among other things. With all of this to consider, you need a unique plan to meet your needs.
To create a proper estate plan, you should:
- Think carefully about any biological or stepchildren you want to provide for
- Ensure you talk with your spouse so you’re both clear on what you want
- Consider utilizing additional estate planning documents — for example, a trust in addition to a will
Mr. and Mrs. Brady seemed to have everything in order. Mrs. Brady insisted that none of their children should receive assets, and I started creating an estate plan. However, she made a key mistake: She didn’t talk to her husband.
Estate Planning Process and Challenges
Your journey begins when you contact an estate planning attorney in Ann Arbor, MI. They will assess your needs, help create the right documents, and update estate plans.
However, conflicts can still arise. Communication is key; by communicating family-specific concerns to your lawyer — and talking with your spouse about their concerns — you can minimize conflict.
In the case of Mr. and Mrs. Brady, they failed to communicate, and a key conflict arose: Mrs. Brady didn’t want Mr. Brady’s daughter to receive any assets, but Mr. Brady insisted she get something. This disagreement escalated, leading to an eventual impasse.
Consequences of Not Completing Your Estate Plan
It’s incredibly important to have a completed estate plan, especially for blended families. As I told Mr. and Mrs. Brady, failing to come to an agreement can have serious consequences.
According to Michigan succession laws, if one spouse dies, their assets will go to the surviving spouse. If that spouse passes away without an estate plan, any assets will go to their biological children; any stepchildren (and their children) will be left out. If you have a blended family, you want a proper estate plan to ensure assets go to all your children.
The Importance of Estate Planning for Blended Families
Blended families may face all sorts of unexpected challenges in the estate planning process. However, planning ahead is crucial to:
- Provide for all children: With the way Michigan laws work, if you don’t plan properly, your assets may only go to some children, not all. Plan ahead to include your stepchildren.
- Figure out how to split blended assets: Determining how to combine assets from both sides of the family can be difficult. Proper estate planning makes sorting out this issue easier.
- Address guardianship concerns: Determining guardianship can be difficult with blended families. Creating an estate plan could help you resolve guardianship concerns.
Estate Planning in Ann Arbor, MI | The TGQ Law Firm
Mr. and Mrs. Brady couldn’t come to an agreement regarding their estate plan, and it ended up costing them a lot. You don’t have to fall into the same issue. Plan your estate before it’s too late.
I’m here to help with estate planning for modern blended families. Contact us at (734) 707-3232 or fill out the contact form to learn more.
Disclaimer: This article is not intended to be legal advice. Everyone’s situation is different and legal advice is only properly given after having reviewed your specific situation.
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