A lot of people oversimplify the estate planning process. They think that a simple will, or no will at all, is sufficient to meet their needs.
This can be a risky approach, especially if you’re in a blended family.
As you think about creating your plan, consider the options available and which will best bring about your vision of the future and protect your loved ones.
The risks of intestate succession in a blended family
If you forego estate planning, then your assets will be distributed in accordance with state law.
Under Maryland law, if you pass away without an estate plan, then your spouse will inherit half of your estate and your children will inherit the other half.
That may not sound like a bad outcome, but it means that your family will lose control over half of your estate.
Your spouse will thus be free to pass inherited assets down his or her family line, which can leave your children and grandchildren without the financial resources that you intended for them.
How to protect your estate and your loved ones
As you can see, estate planning is crucial when you’re in a blended family. And there are a lot of estate planning options out there to protect what you hope to achieve throughout the process.
For example, you may be able to utilize a remainder trust and lifetime gifting to ensure that your loved ones are supported, but that’s just a few of your options.
If you want to learn more about what you can do to successfully navigate the estate planning process, then now is probably the best time to start talking to a professional about how to craft the legal documents that you need.