A blended family may bring much joy into the house, but how can you ensure each new family member is cared for in an emergency? An excellent way to ensure you safeguard each child in your family, biological and adopted, is via estate planning for blended families. The procedure involves selecting an executor, designating guardians, and organizing each inheritance.
Even if the estate planning procedure may appear difficult for blended families, that doesn’t reduce its significance. You can assist in preventing probate court and legal complications in the future by creating a detailed strategy. Sharing your dream ideas with your partner is often the greatest way to start.
Here’s everything you need to know about estate planning for blended families in Nevada.
Top Approaches for Blended Families’ Estate Planning
The best approach for estate planning is one that considers each family relationship. Concerns about the value of the inheritance, choosing an executor, and equitable distribution may arise in blended family arrangements. Making an estate plan might be challenging because of these issues, but they must be dealt with.
To get you started, review a few of the most popular Estate Planning choices for blended families:
Family Trusts: After the first spouse’s death, all assets are transferred into a single Trust under this testamentary trust. This arrangement has the advantage that the surviving parent can allocate assets based on the needs of each kid.
Marital Trusts: A marital trust designates any remaining assets for the children following the surviving spouse’s death while allowing your assets to pass to the surviving spouse. This arrangement enables the creation of a family-wide strategy by both spouses.
Outright Ownership: Without a Trust for the children, all assets can go to the surviving spouse under the Outright Ownership Estate Planning arrangement. Although it is a very straightforward estate planning arrangement, each spouse must believe in the other’s ability to care for the kids.
Immediate Bequests: Leaving money to each kid directly in your will is an additional option that does not entail trusts. Discussing this subject with your spouse might be difficult, but it can be the best option if you want your kid to receive assets directly.
Overall, an estate planning attorney will guide you through the complex estate planning process and dispute it rightly among the beneficiaries.
Hire An Estate Planning Attorney from The Bourassa Law Group Today!
If you want to discuss your real estate planning, in that case, you can contact the Nevada probate attorneys at Bourassa Law Group. We can provide highly individualized estate planning services to help you avoid probate.
Call us at (800)870-8910 for a FREE consultation!
1-800-870-8910