Estate Planning for Blended Families in Illinois
Families that include step-parents, step-children and half-siblings are very common - studies show that about 16 percent of children in the U.S. are living in blended families. Common as they may be, blended families can pose challenges when it comes to estate planning. Without clear documents in place, your property in Illinois can be divided in ways that you would never want, and could even provoke conflict among family members.
Taking the time to plan ahead helps protect your loved ones, while reducing the chance of disputes. An experienced Hillside, IL estate planning lawyer can speak with you about your unique blended family and explain how you can make arrangements that honor your wishes.
What Makes Estate Planning Different for Blended Families?
If you have a blended family, you may want to provide for a new spouse as well as your children from a prior relationship. Illinois intestacy law, which controls how assets are divided when there is no valid will or trust, may not match those goals. Under 755 ILCS 5/2-1 of the Illinois Probate Act, a surviving spouse and children usually share the estate. That can cause conflict between your new spouse and your children from a previous marriage, or leave one or more of them with less than you would have wanted.
An estate plan allows you to make deliberate choices. You can decide how much you want to leave to your current spouse, to your children from prior relationships, and to your step-children. Without a clear record of your wishes, a court will apply standard formulas that may not reflect those wishes at all.
What Tools Can Help Protect a Blended Family?
Different estate planning tools can be used to balance the estate planning needs of all family members. A will is the foundation for most plans, but in blended families, trusts and other documents often play an important role.
Trusts can allow you to provide income or support for a surviving spouse during their lifetime, while ensuring that remaining assets eventually go to children from a prior marriage. Beneficiary designations on retirement accounts or life insurance policies are another way to make sure certain assets go directly to specific people. Powers of attorney and living wills can also be important, because they let you choose who can make medical and financial decisions, if you are unable to do so.
Schedule a No-Charge Consultation with an Oak Park, IL Estate Planning Lawyer for Blended Families
If you have a blended family and want to make sure your estate plan reflects your wishes, now is the time to act. At the Law Office of Vincent C. Machroli, P.C., we have 38 years of experience helping people with unique family situations, and we provide practical guidance tailored to your family’s situation. A Hillside, IL estate planning attorney can help you create or update your plan to protect all of your loved ones. Call 708-449-7404 today to schedule a no-charge consultation, and learn how we can help.