Estate planning in Illinois when second families are involved

| Aug 6, 2018 | Estate Planning

Divorced people may find new leases on life with remarriage and an extended family. Proper estate planning can help Illinois residents who have remarried to keep the peace in their second families. Making a determination of what assets belong to each individual and which are shared may be the first place to start, especially if the two people are older and have amassed their own assets.

Having a family conversation about a potential estate plan may enlighten those in blended families. Getting input from children and stepchildren may bring issues to light that weren’t even considered. Reviewing any plans from previous relationships is a must as well since there may still be obligations in place that could affect a current spouse such as being unable to change a beneficiary designation on a retirement plan.

Putting everything in writing is essential. Wills, trusts and other estate planning documents are very personal and speak to individual situations. There is no one-size-fits-all when it comes to these things. Having everything down in black and white may save much stress and hard feelings among blended families. Communication is key when planning these types of estates.

Estate planning within a blended family need not be daunting. An Illinois attorney may be able to provide much-needed advice on the dynamics of such a plan and how it may affect family members. It is better to have a plan in place that benefits all loved ones and a lawyer may be able to help make that a reality.