Estate Planning Considerations Blended Families

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 considerations blended families. 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. 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. Depending on a family s situation and needs an estate planning attorney can help select and execute one of the following strategies. 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.

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. Consideration should be given to requiring an automatic termination of the life estate if the surviving spouse moves out or abandons the. This post will give you an overview of some property distribution considerations and options. In addition to estate planning there are also concerns of incapacity or separation.

The process may involve unique challenges because an absolute answer for determining how property should be handled does not exist. Estate planning for blended families is a form of asset protection. For the purposes of today s article we ll focus on estate planning. Estate planning for blended families.

The issue for blended families is numerous. 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. 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. June 4 2020 by.

Estate planning considerations for blended families by jennifer l. Mike and carol brady were the iconic blended family each bringing 3 children into the marriage and raising them as one big happy family. Blended families and property division. As the rates of divorce and remarriage climb those with recently blended families may be witness ing the emergence of troublesome estate planning issues.

We have all heard the fact that 50 of marriages in the united states end in divorce.