Estate Planning Considerations Blended Families

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.

Estate planning considerations blended families.

Blended families and property division. For the purposes of today s article we ll focus on estate planning. We have all heard the fact that 50 of marriages in the united states end in divorce. In addition to estate planning there are also concerns of incapacity or separation.

Estate planning for blended families. 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 is a complex subject. 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.

The issue for blended families is numerous. 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. Estate planning for blended families is a form of asset protection. The process may involve unique challenges because an absolute answer for determining how property should be handled does not exist.

The following article by adelaide wills estates lawyer kerry miller discusses a number of the estate planning strategies available to blended families and the risks. Estate planning considerations for blended families by jennifer l. This post will give you an overview of some property distribution considerations and options. As the rates of divorce and remarriage climb those with recently blended families may be witness ing the emergence of troublesome estate planning issues.

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. With the divorce rate approaching 40 and the median length of a marriage being 12 years 1 blended and step families are a significant social segment. Consideration should be given to requiring an automatic termination of the life estate if the surviving spouse moves out or abandons the.

June 4 2020 by.