Idaho blended families result from second marriages and deserve special estate planning considerations such as an Idaho Living trust for children.
Blended Families Under Idaho Law
Under Idaho law, your step children will not inherit anything from you unless you create a will or living trust. In other words, you must execute a will or living trust to give anything to your step children. Most of the clients I consult who are remarried want to split their assets between all of the blended family. To do this, you need proper estate planning.
Estate Planning Protects Your Children in a Second Marriage
If you remarry and your new spouse has children, what happens to your assets after you are gone? You probably want to care for your spouse after you are gone. But after your spouse is gone, do you want your assets to pass only to your children or to your new spouse’s children too? The only way to accomplish any of these outcomes is with proper estate planning involving a well-drafted living trust. You should also consider that your spouse may remarry after you are gone. His or her new spouse might also have children. You probably don’t want your assets going to the new spouse or his/her kids so you need to execute a living trust estate plan.
Young Idaho Blended Families Need an Estate Plan
Estate planning while you are young is like insurance because you don’t know what may happen. It is important to plan ahead when you have children, especially minor children (under age 18). If you have minor children but no Last Will and Testament, state laws require a judge to designate a guardian for your children if you die. Wouldn’t you prefer to nominate someone you know and trust to take care of your (step) children when you are gone?
Older Idaho Blended Families Need an Estate Plan
Current US statistics reveal that 7 out of 10 people over the age of 65 will need some form of long-term care support. Long-term care means that you are unable to perform daily activities on your own. Daily activities include eating, bathing, dressing, and using the bathroom. If you are over age 65, don’t gamble with these odds.
Look at this statistic: our country has 10,000 Baby Boomers turning age 65 every day from now until 2030. From my practice, I see that many Boomers remarry after they lose their spouse. When that occurs, their Idaho blended families need new estate planning.
Get in Touch with an Estate Planing Attorney
You can contact me for a free initial estate planning consultation. I can discuss how to distribute assets to step children and your spouse under current Idaho law.