Estate Planning For Blended Families Second Marriage

Families that come together as a result of second marriages or marriages where both parties have their own children are often called blended families in a blended family each spouse usually brings their own assets to the marriage and the spouses may have different ideas about who should inherit what after their passing. Feel such an arrangement might reflect an overabundance of caution will take special steps in estate planning for blended families. Families with children whose spouses have children from previous marriages.

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In second marriages the complications and challenges created by blended families multiply.

Estate planning for blended families second marriage.

These are a few common scenarios. Here are a few of the financial legal and estate planning issues to keep in mind. Of those divorced from their first spouse over half will remarry. Families with children who are in second or subsequent marriages and who have children from previous marriages.

Estate planning for blended families second marriage and step children require special planning to ensure your spouse and your children are protected. Estate planning for these individuals is much more complicated than it is for any other group. Unfortunately if proper planning is not undertaken what often occurs in the blended family context is that one branch of the family receives the entire estate and the other branch of the family receives nothing. When it comes to second marriages with stepchildren you need to make sure that the language in your estate planning is rock solid.

Issues can arise between spouses or between children and their spouses. A lawyer s take on estate planning in your second marriage. In blended families it can be tricky to agree on a trustee neale says but no matter who it is the trustee needs to be clearly designated in your will 3. I wonder what their estate planning looked like.

This trend has resulted in a large number of blended families with special estate planning needs. Blended families can face complex estate planning challenges. Dividing belongings among a blended family. Assume two spouses are in a second marriage and each have children from a prior marriage.

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. 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.

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