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Planning your estate for a blended family

On Behalf of | Jun 5, 2022 | Estate Planning

Creating an estate plan in Florida is often a challenge, particularly so if you have remarried after a divorce or death of a spouse. It is important to update your estate documents, including your will and any workplace benefit or insurance policies to reflect your current marital status. If your spouse has children from a previous relationship, you may also want to include them in your plan.

Don’t forget to update your estate plan

One of the most important things you can do after you draw up your estate plan will be to update it from time to time. This will be especially crucial if you are at a relatively young age when you draw up your plan. As the years go by, some of the people you have named in your plan may pass away. You may also divorce and then remarry.

One of the changes that may have come about due to your remarriage is a new set of children. You may also have acquired stepchildren by your new spouse. If this is the case, you will need to amend your estate plan to take note of them. This will help make sure they are provided for in addition to your earlier children.

You should also make sure to update your estate plan to include your current, rather than your former, spouse. If you should forget to do so, it can lead to a very awkward moment at the hearing. Your current spouse will note that they have been ignored while your former spouse gets it all. This will be the source of legal battles.

Not all heirs should be treated equally

One detail that you should always keep in mind is that not all of your heirs are bound to be on the same financial footing. This is all the more true if you are amending your estate plan to reflect a blended family.

You can stipulate that certain heirs who require more assistance from your estate should get it. Those who are more financially independent should receive a share that is in proportion to their means.