Estate Planning Considerations Blended Families

June 4 2020 by.

Estate planning considerations blended families. Estate planning for blended families is a complex subject. The most obvious issue when it comes to blended family estate planning is that the interests of the spouses will likely compete with one another. This post will give you an overview of some property distribution considerations and options. Consideration should be given to requiring an automatic termination of the life estate if the surviving spouse moves out or abandons the.

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. In addition one in eight couple families with children are now considered blended among the many challenges blended families face one area that can be particularly tricky is estate planning which has the potential to create mistrust and discord among family members if not handled properly. As the rates of divorce and remarriage climb those with recently blended families may be witness ing the emergence of troublesome estate planning issues. Estate planning for blended families is a form of asset protection.

Mike and carol brady were the iconic blended family each bringing 3 children into the marriage and raising them as one big happy family. The following article by adelaide wills estates lawyer kerry miller discusses a number of the estate planning strategies available to blended families and the risks. Legal considerations for blended families can be complicated and often pose significant challenges for clients and their lawyers. Depending on a family s situation and needs an estate planning attorney can help select and execute one of the following strategies.

I wonder what their estate planning looked like. Blended families and property division. The process may involve unique challenges because an absolute answer for determining how property should be handled does not exist. With the divorce rate approaching 40 and the median length of a marriage being 12 years 1 blended and step families are a significant social segment.

We have all heard the fact that 50 of marriages in the united states end in divorce. In addition to estate planning there are also concerns of incapacity or separation. Estate planning for blended families. While that fact may be fiction and the actual divorce rate is seemingly less the reality is that more marriages do end in divorce compared with previous generations.

The blending of new partners existing children and the routines of shared custody are challenging enough but the implementation of estate planning that delivers the desired outcomes can be challenging especially when combined with an smsf.