Recent Posts

Archive

Tags

Estate Planning for Blended Families...


Just remember, the Brady Bunch was a television show (no one died!).

Couples often bring children into a marriage from a prior marriage or union and then have children together. This is often referred to as a blended family. Blended families highlight the need for careful estate planning to make sure the needs of each spouse are met, as well as the needs of each parents' children.

If one spouse is significantly younger, this sometimes means that the older spouse’s children are close in age to the younger. There can also be sibling rivalry between children of a parent and step-children. These relationships can cause more than friction between the step-parent and step-children.

Most parents want to ensure their assets will pass to their children and/or grandchildren, and maybe not their stepchildren. However, without careful estate planning, there is no guarantee their children will inherit their assets. In fact, if the couple creates identical wills such that their assets pass to the survivor of them, there is a significant likelihood their children will be disinherited.

This is because all of their assets will pass to the surviving spouse to do with as he or she pleases. This can result in the surviving spouse excluding the stepchildren, who then receive nothing.

Poor planning can lead to a race for survival between spouses. A will can be changed at any time; therefore a surviving spouse could change his will after the death of the first spouse, leaving nothing for the first spouse’s children.

Another common occurrence is for each spouse to name the other as a