If you have a blended family, a will is going to be one of the most important documents you will have made. You and your spouse will need to make sure that all of your property, both what you have obtained together as well as anything your brought into the marriage, goes where you want it after you are both gone. The following are some things to think about when making out a will for a blended family:
Have a Plan
Things can get somewhat complicated when you are making a will in a blended family. Most people assume that you can leave all of your assets to your spouse and vice versa. However, it can be problematic to do this when it comes to your own children. For instance, if you pass away and leave everything you own to your spouse, he or she can then leave their entire estate to their own children, essentially leaving your kids out of the will.
To prevent this from happening, there are steps you will need to take. One way to prevent any issues is to leave your possessions in a trust for your beneficiaries. You can stipulate in your trust that it pays your spouse a certain amount in support. You can also instruct the trust to be dispersed in a certain way upon the death of your spouse. This way, you can ensure that your children get exactly what you want them to have based on what is left in the trust.
Make Important Decisions
When you are making a will, you need to have clear goals about what you want to happen. You and your spouse will need to firmly decide on how you want your possessions and assets sorted out among beneficiaries. Decide who gets money and from where, what happens with any insurance money that comes in, who gets what property, and so on. If you want to leave a specific child a certain item, such as a treasured family pocket watch or a piece of furniture, you will need to include that in the will and provide a reason as to why you want it that way. This will help prevent any hurt feelings that can arise.
While making out a will is not always a pleasant task, it is crucial to have in the event of your death. It is especially important in a blended family. What you don't want to have happen is fighting among family members once you are gone over money and anything else you left behind. A solid will can help your beneficiaries know exactly what you want and the reasons behind your decisions.
For more information, contact Bayer Jerger & Underwood or a similar firm.
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