Estate Plans For Blended Families

Estate planning for these individuals is much more complicated than it is for any other group.

Estate plans for blended families.

At the canadian institute of financial planners 16th annual national conference in halifax on tuesday. Estate planning for blended families. Some blended families use reciprocal wills where the assets pass outright to the surviving spouse as their primary estate plan. Typically individuals in blended families want to provide for the spouse as well as the children from the previous marriage.

In today s world many first marriages end in divorce. Estate planning considerations for blended families by jennifer l. That s why it s critical to maintain meaningful and ongoing communication among all concerned parties. Blended families can face complex estate planning challenges.

I wonder what their estate planning looked like. Of those divorced from their first spouse over half will remarry. As the rates of divorce and remarriage climb those with recently blended families may be witness ing the emergence of troublesome estate planning issues. Estate planning for blended families second marriage and step children require special planning to ensure your spouse and your children are protected.

Drafting an estate plan by no means ensures a smoothly blended family. If it s deemed an existing estate plan doesn t provide adequate support. Not only are the financial issues of blended families more complex but the emotional issues around those decisions are much more intense especially when dealing with the competing. Issues can arise between spouses or between children and their spouses.

This trend has resulted in a large number of blended families with special. As a result a tremendous number of blended families exist in the united states today a blended family is defined as a family that includes children from a previous marriage of one spouse or both. While any estate planning must be done on a case by case basis the following are options to consider for blended families. Financial planners need to work closely and continuously with blended families to ensure their often diverse and complex financial goals are met successfully said jacqueline power director of tax and estate planning with toronto based mackenzie financial corp.

How to estate plan with blended families.