Blended Family Syndrome
Blended families tend to create certain insecurities when it comes to inheritance.
The typical estate plan implemented by the parents in a blended family leaves everything to the surviving spouse when the first spouse passes away. Then, when the second spouse dies, everything left is to go to the children of both spouses in equal shares.
But the insecurity arises when the first spouse passes away and the children of that spouse realize that the surviving spouse can then make a new Will leaving everything to just the biological children of the surviving spouse. The children of the first spouse to die end up with no inheritance at all.
This is a real quandary and it happens more often than one might imagine.
Fortunately, there is a fairly simple solution available under a Living Trust or a Family Trust. The parents can agree that, once the first spouse has passed away, the surviving spouse cannot thereafter change the ultimate beneficiaries of the trust. That way, both the first parent to pass away, together with his or her children, will know that all of the children on both sides of the family will receive the inheritance upon which the parents originally agreed.
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.