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In today’s diverse society, the definition of a “typical” family has evolved far beyond the traditional model of two spouses and their joint children. Blended families, long-term partnerships with children from previous relationships, and single-by-choice parents are now common. These non-traditional family structures introduce complexities that demand tailored estate planning strategies.
Moving Beyond “Sweetheart Wills” in Estate Planning
Before the growth of the modern family, estate planning was relatively simple. Couples would create “sweetheart wills,” which leave assets to each other, and subsequently, to their joint children. However, a sweetheart will does not adequately provide for individuals who have children from previous relationships or want to provide for beneficiaries besides their spouse. As family structures continue to evolve, so does the need for customized estate planning.
Common Pitfalls in Estate Planning for Blended Families
Without careful planning, the intentions of individuals in blended or non-traditional families can lead to unintended consequences, such as:
Case of Unintended Disinheritance
Joe has three children from a previous relationship and marries Cindy, who does not have children. Joe executes a Will giving Cindy all his assets upon his death, if she survives him, otherwise to his kids. Cindy also executes a Will naming her sister as her primary beneficiary. If Joe dies first, all his assets pass to Cindy, which will then pass to her sister under her Will. Under this scenario, Joe has inadvertently disinherited his children, which was likely not his intent.
Protecting Children’s Inheritance
Ayanna and Devin are married, but Ayanna has two children from a previous relationship who she wants to inherit her assets. Although her Will names her children as sole beneficiaries, Devin has a right of election to claim one-third (1/3) of Ayanna’s estate under New York law. Having Devin sign a waiver of the right of the election could prevent one-third of Ayanna’s estate from passing to Devin.
Thoughtful Medicaid Planning
Michele and Emily are married with no children. Emily names her siblings as beneficiaries under her revocable trust. However, Emily requires homecare Medicaid and transfers all assets from her revocable trust to Michele to qualify. Michele’s estate planning documents distribute her assets to charities. Michele is now the owner of all assets, and Emily’s siblings will no longer receive an inheritance at Emily’s death. Irrevocable trust planning could have been a better alternative for Medicaid eligibility, while still providing for Emily’s siblings at death.
Beneficiary Designation Consistency
John and Adam execute estate planning documents naming each other as primary beneficiaries under each other’s documents. However, all of Adam’s financial accounts name his nieces and nephews as direct beneficiaries under the accounts. Without revising those beneficiary designations, all of Adam’s financial accounts will pass to his nieces and nephews instead of John.
Avoiding Probate Delays and Disputes
Jessica and Brian are life partners. They each create Wills providing for each other. Brian has an estranged son, Jason. When Brian dies, Jason receives notice of the probate of the Will, as required by law. Jason contests the Will causing major delays in the probate proceeding. A trust for Brian would have been a better alternative to avoid the probate process and the Will contest.
Tailoring Estate Plans to Fit Every Family Shape and Size
Every family is unique, and estate planning should reflect that diversity. Meeting with a specialized estate planning and elder law attorney is crucial to discuss specific goals and devise a comprehensive plan that best suits your family’s needs. It’s not just about distributing assets, but about ensuring that your legacy is passed on in a way that reflects your family’s unique story and values.
