Estate Plans For Blended Families

This trend has resulted in a large number of blended families with special.

Estate plans for blended families. Estate planning for these individuals is much more complicated than it is for any other group. That s why it s critical to maintain meaningful and ongoing communication among all concerned parties. Drafting an estate plan by no means ensures a smoothly blended family. Estate planning for blended families second marriage and step children require special planning to ensure your spouse and your children are protected.

Typically individuals in blended families want to provide for the spouse as well as the children from the previous marriage. In today s world many first marriages end in divorce. Mike and carol brady were the iconic blended family each bringing 3 children into the marriage and raising them as one big happy family. If it s deemed an existing estate plan doesn t provide adequate support.

Blended families can face complex estate planning challenges. While any estate planning must be done on a case by case basis the following are options to consider for blended families. Issues can arise between spouses or between children and their spouses. 4 tips on getting it right.

Of those divorced from their first spouse over half will remarry. At the canadian institute of financial planners 16th annual national conference in halifax on tuesday. As the rates of divorce and remarriage climb those with recently blended families may be witness ing the emergence of troublesome estate planning issues. How to estate plan with blended families.

As a result a tremendous number of blended families exist in the united states today a blended family is defined as a family that includes children from a previous marriage of one spouse or both. Estate planning considerations for blended families by jennifer l. Estate planning for blended families. Families with children whose spouses have children from previous marriages.

Some blended families use reciprocal wills where the assets pass outright to the surviving spouse as their primary estate plan.