The purpose behind estate planning is to simplify a potentially complicated situation for family members. When a second family is involved, estate planning may be a bit more involved, but it is no less important. Several factors influence the best course of action to take when determining an estate plan for a second family. It is vital to note that every family situation has different dynamics and ultimately, the decision is yours. This can be based on your relationship with family members as well as the amount of money and/or possessions you have to divide. The goal is to create as little tension as possible to prevent bitterness from developing between people that you care about.
Factors to Consider
The division of money or possessions to a second family should be based on several variables. Things to consider are:
- How long has the second family been established?
- What plan for the home and property makes the most sense?
- What arrangements will cause the least amount of family discord?
A Newer Second Family
Perhaps the second family was acquired later in life following years of marriage to someone else. You will be obligated to your first family simply because of the unbalanced amount of time you invested in the first versus the second. Children you raised with your first spouse until adulthood should not suddenly become less of a priority because you have children in a second family. Provisions for your second spouse and children are certainly warranted, but careful consideration should be given to the members of both families.
A Brief First Marriage
If the second family was established many years ago and the majority of your family life has been spent with them, then it is appropriate to treat the second family as your primary family. Separate provisions can be made for your first spouse and children from your first marriage, but the approach to estate planning in this case will be as though you have one big family instead of two.
Property division is the most complicated aspect of estate planning for a second family. Leaving a family home that children from your first marriage grew up in to a second spouse can cause negative reactions. Yet a second spouse may deserve the home depending on the duration of the second marriage. This is where legal advice and careful thought needs to play a part in estate planning.
A straightforward strategy will be most productive in estate planning for a second family. Be direct with family members, explaining how things will be handled and why. This allows them to understand your reasoning and prepares them for the future. You can also take time to answer questions and take steps to make sure that there will be as little family tension as possible.
Andrew M. Lamkin is proficient in handling estate planning even when the situation may be a bit complicated. Call or fill out our contact form to get in contact with Andrew M. Lamkin. He will help you ensure that your family is taken care of.