Estate Planning Tips Blended Families

Estate planning for blended families.

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. State law awards assets to biological relatives if there is no will and an unmarried partner will be shut out. Estate planning is especially important for unmarried couples and blended families. 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 second marriage and step children require special planning to ensure your spouse and your children are protected. The key to minimizing these issues is a well thought out estate plan. With guidance from experienced counsel the various goals of each family can be met by crafting and implementing estate.

These agreements should address. Setting up a trust. Premarital and marital agreements. Typically spouses in a first marriage own assets jointly and distribute assets upon death to the surviving spouse and then to the children equally.

4 tips on getting it right. Estate planning for blended families is a form of asset protection. Do you have a blended family. Estate planning tips for blended families avoid ill will after death.

If you pass away first your spouse will own all your property outright. Each bringing 3 children into the marriage and raising them as one big happy family. If so you need to. 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.

Brett millard may 25 2020 6 00 am story. 6 estate planning tips for blended families. 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.