Estate Planning Strategies For Blended Families

According to recent census data less than half of american children grow up in a traditional nuclear family.

Estate planning strategies for blended families.

Disputing an unfair estate. Married people commonly leave everything to each other in their wills. 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. Depending on a family s situation and needs an estate planning attorney can help select and execute one of the following strategies.

People with blended families should pro actively plan the distribution of their estate. Here are some strategies that blended families can use. If you pass away first your spouse will own all your property outright. 1 instead children are being raised in an increasingly diverse backdrop of household types and family dynamics.

Setting up a trust. Apart from the day to day challenges blended families like the fictional brady s face additional hurdles when addressing their estate planning. It is important to consult an estate planning lawyer to ensure that your will accurately reflects your wishes. Common pitfalls in estate planning for blended families 1 the traditional concept of the nuclear family i e mother father and one or more children of a single relationship has evolved over the years.

With guidance from experienced counsel the various goals of each family can be met by crafting and implementing estate. Here are a few estate planning strategies that can be used to ensure that your children will receive their inheritance when you are part of a blended family. The key to minimizing these issues is a well thought out estate plan. The modern family is more complicated and may consist of parents who are in second or third relationships.

Estate planning strategies for blended families the average american family looks quite different today compared to years past. It is estimated that more than half of u s. 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.