If you found love with someone new in Michigan, either you or this person might have children from a former relationship. When this happens, you’re living in a blended family. With that said, starting a new journey with a blended family can get complicated. Fortunately, you can make things less complex by having an estate plan. Here are a few important topics that should come up in estate plan-related discussions.
Establishing a trust
When you’re part of a blended family, it means welcoming new people into your life. As these relationships become stronger, you might want to leave assets behind for them. Unfortunately, without an established trust, a court might not recognize some of your blended family members as beneficiaries.
Detailing your final wishes
Many people assume that estate planning only focuses on distributing their assets after they pass away. However, you’ll also likely benefit from including a living will into your estate plan. A living will details your wishes if you become incapacitated.
Choosing someone to manage your trust
After determining your final wishes, you’ll need someone to carry them out. To do this, you can establish a power of attorney. People living in non-blended families typically give this role to their spouses. However, this might not be the case if you’re part of a blended family. Regardless of who it is, make sure your power of attorney is someone who is trustworthy and unbiased in this role.
In conclusion, there are several major topics to go over when blended families discuss estate plans. By discussing these topics, it helps everyone stay on the same page as they all prepare for the future.