Estate Plans For Blended Families

Drafting an estate plan by no means ensures a smoothly blended family.

Estate plans for blended families.

Typically individuals in blended families want to provide for the spouse as well as the children from the previous marriage. Families with children whose spouses have children from previous marriages. 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. Financial planners need to work closely and continuously with blended families to ensure their often diverse and complex financial goals are met successfully said jacqueline power director of tax and estate planning with toronto based mackenzie financial corp.

While any estate planning must be done on a case by case basis the following are options to consider for blended families. That s why it s critical to maintain meaningful and ongoing communication among all concerned parties. Estate planning for blended families. Estate planning considerations for blended families by jennifer l.

4 tips on getting it right. Mike and carol brady were the iconic blended family each bringing 3 children into the marriage and raising them as one big happy family. Issues can arise between spouses or between children and their spouses. Estate planning for these individuals is much more complicated than it is for any other group.

I wonder what their estate planning looked like. This trend has resulted in a large number of blended families with special. Estate planning for blended families second marriage and step children require special planning to ensure your spouse and your children are protected. If it s deemed an existing estate plan doesn t provide adequate support.

Of those divorced from their first spouse over half will remarry. 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. Blended families can face complex estate planning challenges. Some blended families use reciprocal wills where the assets pass outright to the surviving spouse as their primary estate plan.

How to estate plan with blended families.