Second marriages and blended families bring unique challenges to estate planning. As two adults meld their lives, they need to consider how their estate plan decisions will affect them, as well as any children from a previous relationship.
Estate planning is especially important for blended families. If your goal is to provide for a new spouse, while preserving assets for your children from a previous marriage, we can help. With blended families there are not one size fits all solutions. The estate planning process is somewhat more complex but the benefits to your loved ones are worth the effort. We make the process of planning for your blended family as simple and affordable as possible.
We help blended families consider all the factors involved in their situation, and tailor an estate plan that meets their goals and needs.
Ted Walton has experience in handling all matters of estate planning for Kentucky and Indiana blended families. If your goal is to provide for a new spouse, while preserving assets for your children from a previous marriage, we can help. If you have additional children with your new partner and want to make sure they are properly added as beneficiaries, we can do that too. While the process can be complex, it is worth the effort put into it. You can know that your family will be cared for in the future.
With blended families the first, and perhaps most difficult, question you will need to decide is whether you want us to represent you individually or you want us to represent both spouses. If you both have your own individual estate planning lawyer, you may have more freedom to voice individual concerns, without having to worrying about angering your partner with an opinion or question that differs from your partner’s desires.
For many married couples, joint representation is a good choice but it is trickier with blended families. The benefits are obvious; joint representation is usually more cost-effective. Another advantage is that the joint representation somewhat forces open and honest communication between you as a couple. It is important for us, as attorneys, to avoid improper conflicts of interest. If you choose to have joint representation you will need to waive the conflict of interests and the confidentiality associated with individual representation. Both partners will be our clients and we will not be able to provide separate advice to either spouse or keep secrets from your partner.