Estate Planning Blended Families Ontario

Estate planning for blended familiescan be a particular challenge for inexperienced amateurs and even professionals because the standard clauses of a will may have unintended consequences.

Estate planning blended families ontario. 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. If you follow some simple steps you can come up with a plan that meets everyone s needs. Estate planning for blended families is a form of asset protection. I wonder what their estate planning looked like.

Estate planning for blended families second marriage estate planning for blended families second marriage and step children require special planning to ensure your spouse and your children are protected. This trend has resulted in a large number of blended families with special estate planning needs. Blended families are increasingly common and as an advisor you ll likely have clients with children from one or more prior relationships. So bringing two entire families together under one roof can create additional challenges.

Depending on a family s situation and needs an estate planning attorney can help select and execute one of the following strategies. A real example of a blended family a relative of mine remarried in her 50s. In most blended family situations each partner wants to ensure that when they die their children as well as their new love will be treated fairly and will receive as much financial support as possible. Both her and her new spouse were widowed and had adult children.

Mike and carol brady were the iconic blended family each bringing 3 children into the marriage and raising them as one big happy family. Estate planning for blended families in ontario relationships are challenging at the best of times. 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. These agreements should address.

Premarital and marital agreements. These are a few common scenarios.