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Estate planning around family matters

On Behalf of | May 23, 2019 | Estate Planning

While creating an estate plan might be hard, there is one aspect of the process that many people in Lake Charles think will come easy. Deciding who gets what is an instrumental aspect of estate planning, and perhaps the part that most people are familiar with. Unfortunately, figuring out how to pass on inheritances to heirs is rarely as easy as it seems. This is especially true for people who have unique family dynamics.

Updating an estate plan after a divorce is usually a given. But what about after a second marriage? Parents no longer have just their own children to consider, but also their new spouse and any stepchildren. If a person leaves everything to their second spouse the individual also runs the risk of his or her own kids possibly receiving nothing at all from the estate. Blended families should consider the benefits of being open and honest regarding estate planning, which can help prevent accidentally leaving anyone out.

Even if a person never divorced, there could still be complicating familial factors. It is not uncommon for adult siblings to resurrect childhood rivalries when it comes time to deal with their parents’ estate plans. Old feelings of insecurity or jealousy can make some feel as if they were shorted or overlooked, and some adult children even consider challenging their parent’s will. Talking with adult children about the specifics of a will and the reasoning behind certain decisions can cut off these problems before they even have the chance to arise.

No family is perfect, but this does not mean that Lake Charles residents need to give up on the idea of estate planning. Doing so could leave both them and their estate without vital protections. Instead, opening up a dialogue about the process and reasons behind different decisions can put family tensions at ease.