Estate Planning Strategies For Blended Families

Here are some strategies that blended families can use.

Estate planning strategies for blended families.

Apart from the day to day challenges blended families like the fictional brady s face additional hurdles when addressing their estate planning. Common pitfalls in estate planning for blended families 1 the traditional concept of the nuclear family i e mother father and one or more children of a single relationship has evolved over the years. If you pass away first your spouse will own all your property outright. It is estimated that more than half of u s.

Successful blended family estate planning is a matter of setting and communicating goals learning the available legal strategies implement ing the chosen documents and setting appropriate expec tations for the client. It is important to consult an estate planning lawyer to ensure that your will accurately reflects your wishes. Disputing an unfair estate. Setting up a trust.

The modern family is more complicated and may consist of parents who are in second or third relationships. By judy martel when it comes to estate planning for a blended family the concept of yours mine and ours can complicate the process to the point that family dynamics become permanently strained. The key to minimizing these issues is a well thought out estate plan. Married people commonly leave everything to each other in their wills.

People with blended families should pro actively plan the distribution of their estate. Estate planning for blended families second marriage and step children require special planning to ensure your spouse and your children are protected. The most common estate planning solution is to put your spouse s inheritance in a trust for their lifetime use but then indicate that the remaining assets will pass to your children. Estate planning strategies for blended families the average american family looks quite different today compared to years past.

According to recent census data less than half of american children grow up in a traditional nuclear family. Here are a few estate planning strategies that can be used to ensure that your children will receive their inheritance when you are part of a blended family. Estate planning for blended families is a form of asset protection.