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When you and your partner have children from previous relationships, estate planning can be complicated. You’ll want to consider how all of your children are cared for and ensure your spouse has the resources they need to survive after your passing. However, knowing how to do this can be a challenge. That’s why having an experienced Florida estate planning attorney work with you is beneficial to ensure your estate is handled the way you desire. Here are some things you should consider when estate planning for blended families:

How is an Estate Divided in a Blended Family?

If you have a comprehensive estate plan, your estate will be divided among your listed beneficiaries according to the estate planning tools you utilize. If you die without a will stating how you’d like your estate to be distributed, however, your assets are divided according to Florida intestate laws. These laws provide a specific line of succession that prioritizes immediate family and blood relatives. According to these laws, your surviving spouse is entitled to half of the estate, and your biological children from a previous relationship get the other half. After your spouse passes away, the remainder of your estate will be passed on to any children you have had with your second spouse.

Florida intestate laws do not include stepchildren in the line of succession. You must create an estate plan to have your stepchildren receive part of your estate after you pass away.

Will Creation for Blended Families

While Florida intestate laws prioritize biological children and blood relatives, you can leave your estate to whoever you desire when you create a will. If you made a will during your previous marriage, consider creating a new will and revoking the old one when you remarry. If you don’t update your will, your ex-spouse’s share is divided amongst your ex’s children, including any of your biological children. When creating an estate plan as a blended family, a will should be one of your primary estate planning tools. Wills can be crafted for your specific desires and estate, which makes them a suitable choice when you have beneficiaries from different relationships. In a will, you can designate beneficiaries to receive any part of your estate, from a percentage of funds in a savings account to sentimental, family heirlooms. A will also allows you to provide an inheritance to your stepchildren, friends, charitable organizations, and anyone else you desire who otherwise wouldn’t receive part of your estate when following Florida’s intestate line of succession.

Modifying Your Estate Plan as a Blended Family

If you created an estate plan during your last marriage, it’s important to modify and update it once you remarry. While an ex-spouse is automatically disinherited in your will and other estate planning documents if you get divorced, you’ll still want to update your estate plan to remove your ex and any other friends and family members whose relationship has changed since your divorce. Be sure to review the following documents and make adjustments as needed:

• Update beneficiary designations
• Review advanced directives
• Designate a new healthcare surrogate
• Create a new will (and revoke the old one)
• Modify powers of attorney documents and name a new POA to act on your behalf.

Estate Planning Tools for Blended Families

Your estate plan contains several documents allowing you to distribute your belongings and assets to loved ones after you pass away. Here are the best estate planning tools for blended families: 

Wills

As stated above, a will is one of the best ways to designate who you would like to receive the assets in your estate. You can name any beneficiary for any part of your estate, whether it’s a blood relative, stepchild, friend, or charitable organization. 

Marital Trusts

While there are several types of trusts, marital trusts are the most beneficial for blended families. Marital trusts ensure that your biological children and your surviving spouse are cared for after you pass away, without the assets inside the trust going through probate. With a marital trust, you name your new spouse as the beneficiary. When your spouse passes away or remarries, the remainder of your estate is given to your children.

Beneficiary Designations

Beneficiary designations allow you to specify a successor directly on an asset. Asset ownership automatically passes to the named beneficiary after you pass away without going through probate. Types of assets that allow beneficiary designations include 401(k) plans, annuities, IRAs, life insurance policies, and savings bonds. When you’re estate planning for blended families, utilizing beneficiary designations allows you to list stepchildren, new spouses, and others as beneficiaries when they typically wouldn’t be a part of Florida’s intestate line of succession.

Prenuptial Agreement

Consider signing a premarital agreement with your new spouse to set a solid foundation and spell out expectations regarding your estate and your new spouse’s share. You can specify whether your new spouse is entitled to their elective share of the estate (typically half of your assets) and what role your children will have in the estate. Premarital agreements allow you to state your preferences and desires about your estate upfront, so there are fewer opportunities for conflict and disagreements if you pass away unexpectedly.

Boutty Law Firm: Estate Planning for Florida Families

Making an estate plan with a blended family can be challenging. It’s vital to have an estate planning attorney familiar with blended families help you create an estate plan that will ensure your assets are divided the way you desire and help mitigate potential conflicts. Contact The Boutty Law Firm at 407-622-139 to schedule your consultation to see how we can help you craft a comprehensive estate plan for your blended family.