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The dynamics of families have changed over the years and become increasingly varied. This can make planning for the future a difficult prospect, with many intricacies and factors that must be considered to make sure that all your wishes are honored and your estate is handled properly.

Estate Planning for Blended Families

Blended families are very common nowadays, with 42% of adults having some type of step-relationship in the United States. Blended families are composed of divorced, widowed, or remarried individuals and their family members. Estate planning for blended families can be complicated and requires special attention.

It is easy to make mistakes when doing estate planning for a blended family, thus the need to hire the services of a qualified estate planning attorney to make sure all documents are correct. It is also possible that spouses and former spouses might disagree on how the wealth should be distributed, who will care for children in case a parent dies, which assets would be passed along to whom, etc.

Some of the most important questions to ask before estate planning are:

  • What would happen when you pass away?
  • Who would make medical and other decisions for you if you weren’t able to?
  • How will your children be provided for?
  • Who will be the guardian of the children in case you die?
  • How will your spouse be provided for?
  • Will you distribute any of your wealth to former spouses?
  • If your spouse and yourself cannot agree, will you need two separate attorneys?
  • Do you have a prenuptial agreement to take into consideration in your planning?

Once you come up with a decision of what you would like to happen in the event of your death or major disability, the next step is to contact a lawyer to structure your plan and put everything on paper. While there are many free estate-planning services online, they are not prepared to handle blended family situations, thus it’s important to seek proper counsel in this regard.

Properly setup estate plans can be expensive. However, they can save you a ton on money down the road if you compare costs versus benefits. Not to mention, you will get peace of mind to know that your wishes will be followed when you pass away.

Estate Planning for Single Individuals

There are more single people today than ever before. According to the United States census, nearly 50% of all Americans live singly, whether they have been divorced, widowed, or never been married before.

A lot of singles do not realize the importance of estate planning, because they do not have any dependents. However, single people also face the same issues married people do in regards to the planning of their wealth distribution once they pass away. Singles also face some special situations, such as to whom their wealth will be distributed if they have no living relatives, for example. Also, in case of a coma or a health situation where the single person is unable to make decisions for himself, who will make those decisions? Questions like these need to be considered, and careful thought needs to be given to estate planning, even for singles.

Clear Counsel Law group

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Nothing on this site is legal advice.