Four Estate Planning Tips for Blended Families in Florida
The Pew Research Center reports that approximately 4 in 10 Americans are part of blended families. If you are part of a blended family, it is imperative that you have the right estate plan in place. Blended families often have unique estate planning needs. At Fisher & Wilsey, P.A., we have the legal expertise needed to guide and support blended families. Here, our St. Petersburg estate planning attorney highlights four tips for blended families in Florida.
Estate Planning Tip #1: Communication is Important (Reduced Risk of Conflicts)
Communication is always essential for effective estate planning—and it is especially important for people who are in blended families. The reality is that spouses and children from prior relationships may sometimes have competing beliefs, goals, and interests. There is a higher risk of disputes. Further, good faith misunderstandings can quickly become serious problems. With that in mind, a proactive, open approach to communication is best. You should be prepared to take the time to discuss your intentions—openly and early.
Estate Planning Tip #2: You Should Not Rely On Florida Law (Set Up an Estate Plan)
Failing to set up a personalized estate plan can be especially problematic for blended families. Here is the challenge: Florida’s intestate succession laws simply do not account for the unique dynamics of blended families. If you pass away without an estate plan, it is state law that determines who inherits what. That means that you will lose out on having direct control over your own estate. It can be a big issue. While the specific circumstances always matter, many provisions of Florida law favor the current spouse. Of course, that may not reflect your actual wishes. A Fort Lauderdale estate planning lawyer for blended families can help you put the best structure in place.
Estate Planning Tip #3: Make Sure You Carefully Define Your Goals (Purpose Matters)
You cannot set up the right estate plan unless you actually know what you want to achieve. In Florida, estate planning for blended families should always begin with a clear understanding of your goals. Do you want to ensure your new spouse is financially secure while still protecting inheritances for your children from a previous relationship? Would you like to treat all children equally, or make distinctions? These are deeply personal questions—and the answers shape your estate planning strategy. Be proactive. You should take the time to develop your goals.
Estate Planning Tip #4: A Comprehensive Approach is Best (Wills, Trusts, POA, etc)
A great estate plan is a comprehensive estate plan. It generally starts with a well-drafted will. With that being said, a will is not a full estate plan by itself. As a member of a blended family in Florida, you can benefit from having a comprehensive estate plan in place. What exactly that entails will depend on your specific situation. It could include trusts, beneficiary designations, powers of attorney (POA), advance directives (living will), and more.
Speak to Our St. Petersburg Estate Planning Lawyer for Blended Families
At Fisher & Wilsey, P.A., our St. Petersburg estate planning attorney has the knowledge and experience that blended families can trust. If you have any questions or concerns about estate planning for blended families, please do not hesitate to contact us today for a fully confidential consultation. From our St. Petersburg office, we provide estate planning representation throughout the wider region in Florida.
Source:
pewresearch.org/social-trends/2015/12/17/1-the-american-family-today
