Blended Families and Estate Planning
Dec 13, 2010 / By: Geoffrey H. Garrett, Estate Planning Attorney / Category: Blended FamiliesThe days of the “traditional” family of Mom, Dad and two or three children are long gone. With a divorce rate at almost 50%, families are more likely to be blended: where mom and dad may bring children into the marriage and have children together. Keeping this family harmonious is a challenge. Do not let your estate planning destroy what may have taken years to achieve.
Issues to consider for blended families and your estate
- Should all the children in the family be treated equally in your estate?
- Should your plan for providing for the children be affected by what one child may receive from their other natural parent and that family?
- How should you plan for your estate if both spouses have adult children from other relationships and minor children from the current relationship?
- How do you pass on family heirlooms that may have significance for only one set of your children?
- Are there different issues to consider when providing for a second spouse and children in your estate?
- Can you prevent warfare between the blending families after your death through careful estate planning?
If you have managed to blend two families with minimal bloodshed, the same skills used to accomplish that should be considered when estate planning. Openness with the family is important. For instance, if one child is due to receive a substantial inheritance from his or her father’s family, you may not need to plan for the child. However, you may need to take care to acknowledge that child in some manner in your will or some smaller bequest so they know they have not been forgotten or slighted.
The best method to deal with potential problems is talk with your family members as you plan your estate. If everyone knows what to expect there will be less room for argument and hurt feelings later.
Byrd : Garrett, PLLC is a member of the American Academy of Estate Planning Attorneys.
