Estate Plans For Blended Families

How to estate plan with blended families.

Estate plans for blended families.

Blended families can face complex estate planning challenges. If it s deemed an existing estate plan doesn t provide adequate support. 4 tips on getting it right. Drafting an estate plan by no means ensures a smoothly blended family.

Estate planning for these individuals is much more complicated than it is for any other group. Mike and carol brady were the iconic blended family each bringing 3 children into the marriage and raising them as one big happy family. I wonder what their estate planning looked like. As the rates of divorce and remarriage climb those with recently blended families may be witness ing the emergence of troublesome estate planning issues.

Issues can arise between spouses or between children and their spouses. Estate planning for blended families. Not only are the financial issues of blended families more complex but the emotional issues around those decisions are much more intense especially when dealing with the competing. 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.

Families with children whose spouses have children from previous marriages. In today s world many first marriages end in divorce. This trend has resulted in a large number of blended families with special. Of those divorced from their first spouse over half will remarry.

Some blended families use reciprocal wills where the assets pass outright to the surviving spouse as their primary estate plan. Estate planning for blended families second marriage and step children require special planning to ensure your spouse and your children are protected. At the canadian institute of financial planners 16th annual national conference in halifax on tuesday. Typically individuals in blended families want to provide for the spouse as well as the children from the previous marriage.

That s why it s critical to maintain meaningful and ongoing communication among all concerned parties.