Estate Planning for Blended Families
Blended families tend to create inheritance insecurity.
In other words, if a couple each brings children to the marriage, the results may be a loss of inheritance unless careful planning takes place.
For example, if each spouse leaves a simple Will leaving all of that spouse’s property to the surviving spouse and then to the children, that plan can be changed after the first spouse passes away. At that point, after the surviving spouse has received all of the other spouse’s property and possessions, the surviving spouse can normally change his or her own Will to leave everything to his or her own children. The children of the spouse who has previously passed away are effectively disinherited.
The best solution to this quandary is the establishment of a Family Trust. Once the spouses agree how the property is to be distributed after they have both passed away, they can rest assured knowing that this will be the outcome regardless of who passes away first. The trust will simply state that it can no longer be modified after the first spouse passes away.
This, in turn, allows everyone – parents and children – to relax and not lose any sleep over inheritance issues.
Author: Barry Peters. For additional easy-to-understand information on Wills, Trusts, and Probate, call attorney Barry Peters’ offices at (208) 939-2600 for your expedited appointment for a FREE OFFICE CONSULTATION or visit his Q & A pages at BarryPeters-Law.com/answers-to-questions. As always, your total satisfaction is guaranteed by Barry Peters, Attorney at Law, where all clients receive individual attention to the details of their unique circumstances.