If you are one of the many people in New Jersey who is preparing to get married for the second or subsequent time, you should take the time now to initiate conversations with your future spouse about how you will each manage your assets after you die. Estate planning can be a hard thing for anyone to talk about but it can be an even more delicate topic in a blended family situation.
As Forbes explains, it is natural for spouses to want to provide for each other after they die. At the same time, parents generally want to be able to leave something to their children and even grandchildren. When the biological children and grandchildren of the spouse making an estate plan but are the stepchildren and step-grandchildren of the other spouse, the person making the plan can feel caught in the middle.
In blended families, it is not always safe to assume that assets left to a surviving spouse will end up going to the biological children after the surviving spouse dies. There are specific types of trusts that can be established to address this reality, allowing all parties to feel assured of what they will receive and when.
If you would like to learn more about the factors you should take into consideration when making an estate plan for your blended family and how to balance the needs of multiple parties, please feel free to visit the remarriage and estate planning page of our New Jersey estate planning website.