Getting remarried to a new love you’ve found in Maryland is an exciting experience, but it’s important also to look ahead and plan for the future. This is especially true if one or both of you have children from previous relationships because estate planning becomes even more complex when it involves a blended family.
Reasons why blended families present a unique predicament
According to Maryland succession laws, if one partner in a blended family dies without an estate plan, the state will take over asset distribution. Your spouse will inherit half of your estate, and the other half will go to your children. This can often lead to conflict between step-siblings or even between a step-parent and their partner’s children from a previous marriage.
In addition, In the event of a remarriage, non-biological children may not receive a share of their step-parent’s estate unless they specify it in the will. This can bring a lot of financial hardship to the family in an already difficult situation.
How estate planning can help
Fortunately, estate planning provides a way for people in blended families or remarried couples to protect their loved ones upon death. For starters, it’s essential to create legal documents that clearly define each person’s rights and responsibilities regarding property ownership, asset distribution and inheritance. Additionally, an estate plan can include provisions for child support payments after the death of one partner.
It’s also beneficial for blended families or remarried couples in Maryland to have powers of attorney for health care and finances. This helps to ensure everyone in their life, including business partners, parents, children and spouses, follow their wishes regardless of their mental or physical state.
When estate planning for your blended family, it is essential to take extra care and dedicate sufficient time to ensure all legal matters are in order. With the right documents and provisions, it’s possible to provide financial stability for all family members and minimize the potential for future conflicts over inherited assets.