Are you and your spouse part of a blended family – bringing children from previous relationships into your shared life? If you and your spouse haven’t established an Estate Plan, there’s a risk that your children may be inadvertently excluded from inheriting your assets.
Missouri Offers a Default Plan… but It May Not Align with Your Wishes
Typically, when one spouse passes away, the surviving spouse inherits all the assets of the deceased. However, without an Estate Plan that appropriately distributes assets to the deceased spouse’s children, the decedent’s children could end up with nothing. Once a surviving spouse inherits all assets, those may go only to the surviving spouse’s children, and one spouse’s children are left with nothing. This underscores the vital importance of having a tailored Estate Plan, particularly for blended families.
What Choices Do Blended Families Have?
Establishing a Trust individually or jointly with your spouse ensures that your children will receive their rightful inheritance, alongside anyone else you wish to include. Each Estate Plan is distinct and tailored to the unique dynamics of your blended family, offering a multitude of possibilities.
Furthermore, Powers of Attorney play a crucial role in estate planning. Blended families may encounter discord or confusion when determining decision-makers under specific circumstances. Taking control of this decision ensures that those you trust the most are empowered to make critical choices on your behalf.
At Axis Law Group, our objective is to strengthen family bonds, and a Trust stands as a reliable means to achieve that goal. Contact us at 816-399-2757 or schedule your complimentary initial consultation with us today!