If you are one of the many people in Indiana who has been married and then divorced or perhaps has been widowed and now you are contemplating getting married again, you have good reason to feel positive about your future. However, despite your natural inclination to focus on all of the joys you have to look forward to, it is equally important that you put plans in place to protect and provide for the people you love in the way you want to.
As Forbes indicates, estate planning for blended families is something that may have multiple layers involved with it. This is because many blended families include children from prior marriages on one or both sides and may even include children born into the new family. Then, when one spouse dies, there may be disputes between different parties about who gets what. The more these decisions are made by the person and ahead of time, the better chance there may be of avoiding these problems after a death.
There are special types of trusts that a remarried couple might find useful in ensuring certain assets are directed to their biological children while still making sure that the surviving spouse is cared for upon the death of the first spouse.
If you would like to learn more about how to establish an estate plan that accommodates the diverse needs of your blended family, please feel free to visit the trusts, wills and remarriages page of our Indiana estate planning website.