Yorkville, Illinois Estate Planning Attorneys Helping Provide for Children

Blended Family Estate Planning Lawyers Helping Clients Balance the Needs of Spouses and Children in Yorkville

In blended families, challenges may arise during the estate planning process when a person wants to make sure their spouse will be financially secure while also protecting the inheritances that are intended for their children. After a second marriage, a person may need to balance the needs of their spouse, their children from a previous relationship, and stepchildren. Finding the right solutions is not always easy, but a skilled attorney can help a person address the needs of all members of a blended family.

At Gateville Law Firm, we help our clients design estate plans that will accomplish their goals. We can provide guidance on the best steps to take to ensure that a spouse will be provided for during their lifetime while passing inheritances on to children. We will make sure these goals do not end up working against each other by avoiding situations where assets left to a spouse do not go to children as intended or a spouse does not have the resources needed during the rest of their lifetime. With the right estate planning strategies, we can help clients provide for all of their loved ones.

Unique Concerns in Blended Family Estate Planning

The issues that may arise when a person is trying to balance the needs of a spouse and children in the same estate plan include:

• Will the spouse have enough to live on? After a person's death, their spouse may need to ensure that they will receive regular income to cover their ongoing expenses. This can be a concern if a couple had used their combined resources during their marriage to address regular living expenses and other costs.
• Will assets intended for children actually reach them? If assets are inherited directly by a spouse, there is no guarantee that they will eventually pass the assets to children or stepchildren.
• Will family members dispute the plan? Due to complicated relationships in blended families, disputes may arise over who should receive which assets. An unclear estate plan may lead to conflict when some family members feel excluded, when one person believes that another family member has been favored unfairly, or when multiple family members believe they should receive the same assets.
• What happens if a spouse remarries after a person's death? Assets left to a spouse could end up going to their new spouse, new children who are born, or other family members rather than to a person's children or other loved ones.

Trusts That Balance a Spouse's and Children's Interests

Certain types of trusts can be used to address the competing concerns that may affect a spouse and children. They include:

Marital Trusts and QTIP Trusts

Certain types of trusts may be used to provide a spouse with income for the remainder of their life. A trust may also allow a spouse to continue living in a family home or use other assets. Once the surviving spouse passes away, the assets held in a trust may pass to children or other beneficiaries. This structure will allow a person to provide support for their spouse while making sure their assets will eventually go to their children.

Testamentary Trusts

A trust may be created through a will, and it will take effect after a person's death. This type of trust can be structured to provide income to a spouse while preserving assets for children.

Additional Steps to Provide for a Spouse and Children in an Estate Plan

• Leaving Specific Bequests in a Will: A person can leave certain assets to their children, while ensuring that other assets will pass to their spouse. Clear terms in a will can make sure all parties understand which assets are intended to go to which beneficiaries.
• Creating Trusts With Specific Beneficiaries: A trust can name children as beneficiaries, removing any uncertainty about whether they will actually receive an inheritance.
• Updating Beneficiary Designations: Retirement accounts, life insurance policies, and other assets with named beneficiaries will be distributed according to those designations. Reviewing beneficiary designations can help ensure that assets will go to a spouse or children as intended.
• Clear Documentation: Explaining the reasoning behind the decisions made in a person's estate plan can help avoid uncertainty and minimize disputes. A person may directly communicate with family members to discuss their wishes, or they may write letters to be given to family members after their death that will help their loved ones understand why they made certain decisions.

Frequently Asked Questions About Protecting a Spouse and Children

Contact Our Yorkville, IL Estate Planning Lawyers for Protection of Spouses and Children

Balancing the needs of your spouse and your children in your estate plan may not be easy, but with legal help from a skilled lawyer, you can make sure the needs of all family members will be addressed correctly. At Gateville Law Firm, our lawyers can advise you on the best steps to take to ensure that your wishes will be followed and that your spouse and children will have the resources they need in the future. Contact our Yorkville blended family estate planning attorneys at 630-780-1034 to schedule a consultation.