Estate Planning For Blended Families In Canada

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.

Estate planning for blended families in canada.

Blended families are those where the partners are not the biological parents of all of the children. A relative of mine remarried in her 50s. It is estimated that more than half of u s. Estate planning for blended families can be a particular challenge for inexperienced amateurs and even professionals because the standard clauses of a will may have unintended consequences.

The failure to engage in such planning increases the likelihood that someone will. This is resolved using lifetime interest trusts. The number of blended families is growing steadily in canada. In most blended family situations each partner wants to ensure that when they die their children as well as their new love will be treated fairly and will receive as.

Blended families are the new normal. Estate planning for blended families blended families are increasingly common and as an advisor you ll likely have clients with children from one or more prior relationships. Blended families are families where one or both spouses or common law partners have been in a previous relationship and have children from that relationship. Apart from the day to day challenges blended families like the fictional brady s face additional hurdles when addressing their estate planning.

A blended family cries out for pro active estate planning. 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. It presents a particular challenge for wills where everything could pass to a spouse who subsequently disinherits children. With guidance from experienced counsel the various goals of each family can be met by crafting and implementing estate.

A real example of a blended family. 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. We explain the details in this article. Both her and her new spouse were widowed and had adult children.

At least that s been the case since the 2011 canadian census was released which found that 12 6 of all families in the country are blended.