Estate Planning For Blended Families Second Marriage

Families that come together as a result of second marriages or marriages where both parties have their own children are often called blended families in a blended family each spouse usually brings their own assets to the marriage and the spouses may have different ideas about who should inherit what after their passing.

Estate planning for blended families second marriage.

Assume two spouses are in a second marriage and each have children from a prior marriage. This trend has resulted in a large number of blended families with special estate planning needs. Blended families can face complex estate planning challenges. Estate planning for blended families second marriage and step children require special planning to ensure your spouse and your children are protected.

I wonder what their estate planning looked like. Of those divorced from their first spouse over half will remarry. Families with children who are in second or subsequent marriages and who have children from previous marriages. When it comes to second marriages with stepchildren you need to make sure that the language in your estate planning is rock solid.

Estate planning for these individuals is much more complicated than it is for any other group. In second marriages the complications and challenges created by blended families multiply. Dividing belongings among a blended family. Mike and carol brady were the iconic blended family each bringing 3 children into the marriage and raising them as one big happy family.

In today s world many first marriages end in divorce. In blended families it can be tricky to agree on a trustee neale says but no matter who it is the trustee needs to be clearly designated in your will 3. A lawyer s take on estate planning in your second marriage. Issues can arise between spouses or between children and their spouses.

Unfortunately if proper planning is not undertaken what often occurs in the blended family context is that one branch of the family receives the entire estate and the other branch of the family receives nothing. These are a few common scenarios. Families with children whose spouses have children from previous marriages.