Estate Planning for Blended Families: Making Sure Everyone Is Covered
Blended families are becoming more and more common, and they bring so much joy along with some unique challenges when it comes to estate planning. If you’ve remarried, are raising stepkids, or have children from a previous relationship, it’s worth taking a closer look at your plan to make sure it still works the way you want it to.
We meet a lot of families who put off creating or updating their estate plan because it feels complicated. But the truth is, the longer you wait, the greater the chance that the plan you have (or the default rules in Ohio) won’t reflect your wishes.
Why Blended Families Need a Customized Plan
When you have children from a previous relationship, stepchildren, or assets you now share with a new spouse, Ohio’s default inheritance rules might not divide things the way you’d expect. Without a plan in place:
A surviving spouse may end up inheriting more than you intended, leaving less for your children.
Stepchildren could be unintentionally left out.
Guardianship for minor children might be unclear, which can lead to disputes.
A tailored estate plan gives you the chance to make these decisions yourself and keep everyone on the same page.
Things to Think About
1. Review Your Beneficiaries
Life insurance policies, retirement accounts, and accounts with payable-on-death (POD) or transfer-on-death (TOD) designations don’t go through your will — they pass directly to whoever’s listed. If those names are out of date, your assets may not end up where you expect.
2. Decide How to Divide Assets
Some families choose to leave certain assets directly to their spouse and others directly to their children. Others use trusts to provide for a spouse during their lifetime and then pass the remainder to children later.
3. Name Guardians for Minor Children
This is one of the most important decisions you can make, especially in a blended family. Make sure it’s written into your will so there’s no confusion.
4. Think About a Trust
Trusts can be a great tool for blended families. They allow you to set aside resources for your spouse while protecting your children’s inheritance.
5. Have the Conversation
It’s not always easy, but talking openly with your spouse and family about your wishes can help avoid surprises down the road.
The Bottom Line
Every family looks different, and your estate plan should reflect that. If your family has changed but your documents haven’t, now’s a good time to take another look.
