Estate Plans For Blended Families

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

Estate plans for blended families. Blended families can face complex estate planning challenges. Of those divorced from their first spouse over half will remarry. In today s world many first marriages end in divorce. Families with children whose spouses have children from previous marriages.

If it s deemed an existing estate plan doesn t provide adequate support. I wonder what their estate planning looked like. Mike and carol brady were the iconic blended family each bringing 3 children into the marriage and raising them as one big happy family. How to estate plan with blended families.

This trend has resulted in a large number of blended families with special. While any estate planning must be done on a case by case basis the following are options to consider for blended families. Estate planning for these individuals is much more complicated than it is for any other group. Issues can arise between spouses or between children and their spouses.

Estate planning for blended families. Typically individuals in blended families want to provide for the spouse as well as the children from the previous marriage. 4 tips on getting it right. 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. Some blended families use reciprocal wills where the assets pass outright to the surviving spouse as their primary estate plan. 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. At the canadian institute of financial planners 16th annual national conference in halifax on tuesday.

Estate planning for blended families second marriage and step children require special planning to ensure your spouse and your children are protected.