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Why estate planning is a must for blended families

| Apr 23, 2019 | Estate Planning |

If you are one of the many people in Florida who have found happiness with a new love after a prior marriage ended in divorce, you have many reasons to celebrate indeed. However, before you rush blindly into a new marriage, it is wise to take time to step back and make sure you protect yourself, your children and your assets. Even if your second marriage lasts until you or your new partner dies, there will likely be issues at some point about who should inherit what assets. This is almost always more complicated in a blended family than in a non-blended family.

As explained by Fidelity Investments, leaving everything to a surviving spouse leaves the door open to your biological children ending up with nothing. You may intend that your children will inherit what remains after your spouse dies but the fact is that there may be nothing left by that time. This can happen for a variety of reasons. One situation that may arise is that your spouse may make a new will that leaves everything to his or her biological children.

There are a variety of estate planning tools that allow people to proactively outline provisions to direct assets to their children and their surviving spouse and learning about these is essential.

If you would like to learn more about some of the factors to take into consideration when preparing or updating your estate planning before or after getting remarried, please feel free to visit the estate planning for blended families page of our Florida estate planning website.