Planning for the future is critical for every type of family, but it may be especially important for North Carolina adults in second or subsequent marriages. Blended families will especially benefit from careful and thoughtful estate planning. This effort can provide protection for children from previous marriages, allow one to accomplish specific goals for assets and wealth, and provide peace of mind for the future.
Goals for these families
Families that involve second marriages and children from previous marriages may have specific challenges when estate planning. Each adult wants to protect the interests of their kids, yet they also want to protect their own future interests. The following are helpful suggestions for these families as they consider short and long-term planning needs:
- Flexibility is key, but it is also important to remember to be as fair as possible to all biological children and stepchildren.
- Be as clear as possible when communicating wishes and discussing objectives for wealth and assets.
- Consider creating a revocable trust as a way to protect wealth and ensure it’s used a certain way.
- When establishing a trust, give careful consideration to which person or party is chosen to act as the trustee.
With these things in mind, blended families can create a plan that will be fair and sustainable well into the future.
Divorce and remarriage can mean making significant adjustments to an estate plan or starting from scratch. Blended families may benefit from the assistance and expertise of an experienced North Carolina estate planning attorney. Legal and financial planning is critical for every adult and family, regardless of age or income level.