Estate Plans For Blended Families

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

Estate plans for blended families.

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. In today s world many first marriages end in divorce. 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. 4 tips on getting it right.

At the canadian institute of financial planners 16th annual national conference in halifax on tuesday. Mike and carol brady were the iconic blended family each bringing 3 children into the marriage and raising them as one big happy family. Estate planning considerations for blended families by jennifer l. If it s deemed an existing estate plan doesn t provide adequate support.

Some blended families use reciprocal wills where the assets pass outright to the surviving spouse as their primary estate plan. Drafting an estate plan by no means ensures a smoothly blended 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. Estate planning for blended families.

How to estate plan with blended families. Typically individuals in blended families want to provide for the spouse as well as the children from the previous marriage. That s why it s critical to maintain meaningful and ongoing communication among all concerned parties. 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.

This trend has resulted in a large number of blended families with special. While any estate planning must be done on a case by case basis the following are options to consider for blended families. I wonder what their estate planning looked like. Families with children whose spouses 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.