Estate Planning For Blended Families Second Marriage

Dividing belongings among a blended family.

Estate planning for blended families second marriage.

Families that come together as a result of second marriages or marriages where both parties have their own children are often called blended families in a blended family each spouse usually brings their own assets to the marriage and the spouses may have different ideas about who should inherit what after their passing. Families with children who are in second or subsequent marriages and who have children from previous marriages. Here are a few of the financial legal and estate planning issues to keep in mind. Of those divorced from their first spouse over half will remarry.

When it comes to second marriages with stepchildren you need to make sure that the language in your estate planning is rock solid. In blended families it can be tricky to agree on a trustee neale says but no matter who it is the trustee needs to be clearly designated in your will 3. I wonder what their estate planning looked like. Families with children whose spouses have children from previous marriages.

Blended families can face complex estate planning challenges. In today s world many first marriages end in divorce. Unfortunately if proper planning is not undertaken what often occurs in the blended family context is that one branch of the family receives the entire estate and the other branch of the family receives nothing. Estate planning for blended families second marriage and step children require special planning to ensure your spouse and your children are protected.

Assume two spouses are in a second marriage and each have children from a prior marriage. These are a few common scenarios. A lawyer s take on estate planning in your second marriage. Mike and carol brady were the iconic blended family each bringing 3 children into the marriage and raising them as one big happy family.

Issues can arise between spouses or between children and their spouses. In second marriages the complications and challenges created by blended families multiply. Estate planning for these individuals is much more complicated than it is for any other group.