When people in Florida plan for the future, they may have some additional complications to keep in mind if they have blended families. Many people think they do not need to have a will and can just allow their property to pass on via intestacy. Others may opt for an extremely simple will that passes all of their belongings to their spouse. When spouses share biological children, this may be the best option in many cases. Blended families, however, have some additional considerations, especially regarding the future of those assets when the spouse passes away in the future.
Parents who want to ensure that their children are protected in the future from unexpected results may want to consider their options when planning their estates. They may consider leaving their spouse a lifetime interest in their property and the remainder to their children. Alternately, they could divide their estate at the time they pass away, giving a portion to a spouse and a portion to the children. Of course, this also means considering other accounts, like life insurance policies and retirement funds, most of which often pass directly to a spouse.
Trusts also provide additional options for greater control and flexibility in distributing assets. People could use a trust to manage distributions to both a spouse and children or to provide for specific needs like future education. Trusts are especially important when minors are potential beneficiaries as they allow a way to transfer assets while maintaining oversight.
People in blended families may have to pay more attention when planning for their future in order to ensure that the interests of their spouse and children are protected. An estate planning attorney may work with people to develop a plan and draft key documents like wills, trusts and powers of attorney.
