Yes. We see more and more “blended families” (marriages where each spouse has children from a prior relationship). You must take special steps to make sure you take care of each other, but also provide for your children after you are gone (if that’s your goal). This can be quite complicated.
For example, what if he moves into your home and you die first? Can he stay? The short answer is “no”. On the other hand, what if you put both your names on all bank accounts and investments and he dies first? Under the banking laws, you get all of the money. It doesn’t matter what his Will or Trust says. Now his kids are disinherited, which is probably not what he intended.
There are several types of trusts and other options that fit well with estate planning for blended families. For example, instead of leaving assets outright to your husband, you can set up a trust to control your assets after you are gone. Assets can be used (within your rules) for your husband, with the remainder going to your children after he is gone. Also, either spouse can have a right to live in the family home for a certain period of time, or for life, then after both of you are gone, the home is sold and the proceeds are distributed according to the trust (your kids, his kids, or some combination, anything is possible).
These are just a couple options, there are many more. We offer a no cost, no obligation consultation to talk about your specific situation. Call or email me if you want further information.
Glenn Matecun is a partner with the law firm of Matecun, Thomas & Olson, PLC in Howell. He is an attorney focusing on estate planning, elder law and senior Veterans’ benefits, and answers readers’ questions on legal matters affecting individuals, their families and their businesses. Listen to Glenn on Senior Law Radio, WMUZ 103.5 FM, every Saturday from 3 p.m. to 4 p.m. Email questions to [email protected], or if your question is urgent, call (517) 548-7400. Visit us at www.MichiganEstatePlans.com. The information in this column is not intended as legal advice.