Estate Planning Strategies For Blended Families

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 strategies for blended families. 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. 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. Estate planning strategies for blended families the average american family looks quite different today compared to years past. 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.

Married people commonly leave everything to each other in their wills. Apart from the day to day challenges blended families like the fictional brady s face additional hurdles when addressing their estate planning. Disputing an unfair estate. Estate planning for blended families is a form of asset protection.

The modern family is more complicated and may consist of parents who are in second or third relationships. Depending on a family s situation and needs an estate planning attorney can help select and execute one of the following strategies. 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. The key to minimizing these issues is a well thought out estate plan.

It is estimated that more than half of u s. According to recent census data less than half of american children grow up in a traditional nuclear family. Here are some strategies that blended families can use. Setting up a trust.

With guidance from experienced counsel the various goals of each family can be met by crafting and implementing estate. If you pass away first your spouse will own all your property outright. 1 instead children are being raised in an increasingly diverse backdrop of household types and family dynamics.