Seven Estate Planning Considerations for Blended Families

Blended families are becoming increasingly common, and with that comes specific considerations. When one of the parents/step-parents pass away, it leaves both step-children and biological children depending on the remaining person to make testamentary decisions that would have been supported by both. Unfortunately, that is not always the case.

Here are seven specific tips for second (or third, fourth, etc.) marriage couples:

  1. Upon the death of the first spouse, a trust can be established for the benefit of the surviving spouse to provide them with income and perhaps principal. The spouse should not be the only trustee, and consider giving children a bequest upon the first death.
  2. If spouses want to sign a joint trust then the trust should be drafted so that it becomes irrevocable upon the first death.
  3. As troubling as it may be on its face, consider worst-case scenarios and open a separate bank account with the children named as beneficiaries.
  4. Discuss funeral arrangements and plans with family members proactively, and sooner rather than later.
  5. Consider naming your spouse and one of your children as co-attorneys in fact.
  6. Communicate, communicate, communicate! Make sure everyone is on the same page, knows your wishes, and does not feel betrayed.
  7. Beneficiary designations trump a well-drafted estate plan, so double check them.

Written by Legacy Planning Law Group

Legacy Planning Law Group is dedicated to working with individuals and families to help protect the assets they have built throughout their life, and make everything simpler for families who have lost a loved one. We help thoughtful people achieve the peace of mind that comes with planning their personal legacy and passing on family harmony.

Written by Legacy Planning Law Group

Legacy Planning Law Group is dedicated to working with individuals and families to help protect the assets they have built throughout their life, and make everything simpler for families who have lost a loved one. We help thoughtful people achieve the peace of mind that comes with planning their personal legacy and passing on family harmony.