Estate Planning Tips Blended Families

Here are some strategies that blended families can use.

Estate planning tips blended families.

Estate planning tips for blended families spouses in a first marriage generally have estate planning goals that are aligned because most of the time there are no children from prior relationships. 4 tips on getting it right. 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. Not only are the financial issues of blended families more complex but the emotional issues around those decisions are much more of a challenge to navigate.

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. Married people commonly leave everything to each other in their wills. Estate planning for blended families. Estate planning tips for blended families avoid ill will after death.

6 estate planning tips for blended families. The key to minimizing these issues is a well thought out estate plan. Premarital and marital agreements. With guidance from experienced counsel the various goals of each family can be met by crafting and implementing estate.

State law awards assets to biological relatives if there is no will and an unmarried partner will be shut out. I wonder what their estate planning looked like. Typically spouses in a first marriage own assets jointly and distribute assets upon death to the surviving spouse and then to the children equally. Estate planning for blended families is a form of asset protection.

If you pass away first your spouse will own all your property outright. Estate planning for blended families second marriage and step children require special planning to ensure your spouse and your children are protected. Do you have a blended family. Each bringing 3 children into the marriage and raising them as one big happy family.

These agreements should address. Brett millard may 25 2020 6 00 am story. Setting up a trust.