By: Sarah Stewart Legal Group
According to the Oklahoma Marriage Initiative, more than 32% of Oklahomans have been divorced. Oklahoma has one of the highest divorce rates in the U.S. Due to this, many families in Oklahoma are blended families. Families with children from one or more previous relationships and step-parent relationships.
Blended families have complex relationships, complex estate planning needs, and even complex Oklahoma law regarding probate, if there is no estate plan in place.
Estate Planning Issues
(1) Previous Relationships
If you have children from a previous relationship, and minor children, and don’t have an estate plan, the surviving ex will receive the assets intended for the children to manage as he or she sees fit. There is no obligation to account to the Court or to have any oversight from, or even contact with, the prior step-parent.
If it is important to you that the assets your children inherit go to them and not your ex, you will want to consider establishing a trust that restricts how the children’s assets will be spent and/or when they will be distributed.
Also, if you are concerned about continuing a relationship between the minor step-children and surviving step-parent, a trust with the step-parent as trustee may help keep some contact as the ex will have to work with the surviving step-parent to receive assets on the children’s behalf. There’s no assurance the ex will keep contact, but money can be a good incentive.
(2) Obligations to Step-children under Oklahoma law
Oklahoma law does not require that a step-parent leave an inheritance for his or her step-children. Oklahoma law does not even require that a parent leave an inheritance for his or her own children. If you want to insure that some specific assets are left to your children, you will need a Will and/or trust.
If one partner dies without an estate plan, things can get sticky for the kids and the surviving spouse pretty quickly, regardless of whether the children are under the age of 18.
Under Oklahoma law, if the surviving spouse is not the parent of at least one of the surviving children, the spouse will receive 1/2 of the assets acquired during the marriage and an equally divided share with the children of any other assets.
Such a division can lead to struggles and fights in even the happiest of families. Trust me, I’ve seen it.
If you are in the position of having a blended family, you want to be extra aware and conscious of your estate plan. Sit down with your spouse and discuss what assets you would like to be left to your children from a previous relationship. Work out a plan. Then, I can’t emphasize this enough, put the plan into action!
Put your plans into a Will and/or Trust so that you can ensure you are fulfilling your own wishes and protecting those you love from the determinations of the Court.