Blended Family Planning

Blended family planning can be uncomfortable to talk about. After all, how do we split things between the spouse and the children when they are not related? And how do we do this when everyone is grieving another loss?

The most important thing is that there is a plan. The worst thing that can happen is when a spouse dies without a will with everything titled in their own name and the kids and the spouse will need to sort everything out. This is basically a plan to count to three and hope for the best. It’s no plan at all.

Without a will, the amount that a surviving spouse will inherit through probate is based on the laws of intestate succession. The main differences in the amount that the surviving spouse inherits are based on how many children are common to the marriage. So, just like any other estate planning advice,  you cannot assume that what worked for the family down the street will work for your family.

Blended family planning involves not just thinking about the plan. It also involves making sure the plan is funded. In other words, if the surviving spouse has to purchase the decedent’s equity in the home  from the decedent’s children, there will have to be an outside funding source (think life insurance) to make this happen without forcing the sale of the house.

Planning could also involve prepaying funeral expenses so that the surviving spouse doesn’t need to be concerned about that. This is why it’s important to work with an attorney who understands the unique situation in your family.