Estate Planning Tips Blended Families

Here are some strategies that blended families can use.

Estate planning tips blended families.

If you pass away first your spouse will own all your property outright. Married people commonly leave everything to each other in their wills. If so you need to. I wonder what their estate planning looked like.

These agreements should address. Each bringing 3 children into the marriage and raising them as one big happy family. Estate planning tips for blended families avoid ill will after death. Estate planning for blended families is a form of asset protection.

With guidance from experienced counsel the various goals of each family can be met by crafting and implementing estate. Depending on a family s situation and needs an estate planning attorney can help select and execute one of the following strategies. Do you have a blended family. Typically spouses in a first marriage own assets jointly and distribute assets upon death to the surviving spouse and then to the children equally.

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. The key to minimizing these issues is a well thought out estate plan. Brett millard may 25 2020 6 00 am story. Estate planning for 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. Setting up a trust. State law awards assets to biological relatives if there is no will and an unmarried partner will be shut out. Premarital and marital agreements.

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. 4 tips on getting it right. 6 estate planning tips for blended families.