Planning is critical for blended families
If you are remarried, there are more opportunities for disputes and uneven distributions upon your death. Just as bad as having the inheritance you intended for your kids being unintentionally split up with the children of your current spouse, is the potential that you still have an ex-spouse or deceased spouse named as a beneficiary in your will, trust, life insurance, retirement account, etc.
Additionally, if you have minor children, deciding who has priority to be their guardian in the event you pass away can be the most important decision you never made.
To determine if your current plan (or lack of planning) is on a collision course with disaster, ask yourself the following questions:
• Have I given my current spouse authority to manage my financial assets if I become incapacitated?
• Have I given my current spouse authority to make health care decisions for me if I become incapacitated?
• Has my spouse given me authority to act on his/ her behalf for health care and financial decisions?
• Have I designated someone to take care of my kids if I die?
• Have I named my surviving spouse as a beneficiary of my accounts, will or trust.
• Does my plan have provisions that will allow my spouse to be provided for upon my death and then make sure my kids receive the remaining assets upon his/her death?
If you are uncomfortable with your answers to these questions, it’s important to get assistance from a lawyer who is familiar with the pitfalls that blended families face. Although we live in a age of limitless access to information via the web, free online services are not sophisticated enough to deal with the complexities of a blended family. The one-size-fitsall approach is simply no good in these situations. In order to work through these issues, you need someone that will help you ask the right questions and help you understand your options.
Although hiring a qualified attorney may seem outside of your budget, many attorneys will provide an initial consultation at little or no fee. After the initial consultation, you should have a feel for whether or not you have found the attorney for you. You should also be able to judge whether paying for his/her assistance to create or update your planning is necessary and within your budget.
Planning not only gives you peace of mind about what will happen to your assets when you’re gone, but also prevents your family and extended family from becoming mortal enemies in the wake of your death.
Shawn Garner is a Yuma Attorney. During the month of May, the Deason Garner Law Firm is offering free individual consultations. To make an appointment call 783-4575.