Estate Plans For Blended Families

Families with children whose spouses have children from previous marriages.

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. Drafting an estate plan by no means ensures a smoothly blended family. Blended families can face complex estate planning challenges. At the canadian institute of financial planners 16th annual national conference in halifax on tuesday.

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. Mike and carol brady were the iconic blended family each bringing 3 children into the marriage and raising them as one big happy family. As the rates of divorce and remarriage climb those with recently blended families may be witness ing the emergence of troublesome estate planning issues. Of those divorced from their first spouse over half will remarry.

In today s world many first marriages end in divorce. If it s deemed an existing estate plan doesn t provide adequate support. Estate planning for these individuals is much more complicated than it is for any other group. 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.

Estate planning for blended families. Estate planning considerations for blended families by jennifer l. How to estate plan with blended families. That s why it s critical to maintain meaningful and ongoing communication among all concerned parties.

4 tips on getting it right. Estate planning for blended families second marriage and step children require special planning to ensure your spouse and your children are protected. While any estate planning must be done on a case by case basis the following are options to consider for blended families. This trend has resulted in a large number of blended families with special.

Issues can arise between spouses or between children and their spouses.