Estate Planning Considerations Blended Families

The process may involve unique challenges because an absolute answer for determining how property should be handled does not exist.

Estate planning considerations blended families.

Depending on a family s situation and needs an estate planning attorney can help select and execute one of the following strategies. Estate planning for blended families is a form of asset protection. The blending of new partners existing children and the routines of shared custody are challenging enough but the implementation of estate planning that delivers the desired outcomes can be challenging especially when combined with an smsf. The most obvious issue when it comes to blended family estate planning is that the interests of the spouses will likely compete with one another.

June 4 2020 by. Estate planning for blended families is a complex subject. We have all heard the fact that 50 of marriages in the united states end in divorce. Consideration should be given to requiring an automatic termination of the life estate if the surviving spouse moves out or abandons the.

Mike and carol brady were the iconic blended family each bringing 3 children into the marriage and raising them as one big happy family. This post will give you an overview of some property distribution considerations and options. Blended families and property division. 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 considerations for blended families by jennifer l. While that fact may be fiction and the actual divorce rate is seemingly less the reality is that more marriages do end in divorce compared with previous generations. In addition one in eight couple families with children are now considered blended among the many challenges blended families face one area that can be particularly tricky is estate planning which has the potential to create mistrust and discord among family members if not handled properly. Estate planning for blended families.

The issue for blended families is numerous. I wonder what their estate planning looked like. 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. For the purposes of today s article we ll focus on estate planning.

Legal considerations for blended families can be complicated and often pose significant challenges for clients and their lawyers.