Blended Family Challenges
Blended families can be wonderful things. But they can also strain relationships.
One of the strains that often arises is rooted in fears about the loss of an inheritance. Here’s how that can develop:
Two single parents get married. The couple then has new Wills prepared that leave everything to each other. And, if the other spouse is not then living, everything is left to the children in equal shares. So far so good.
But the problem arises when the first spouse passes away and the second spouse has inherited everything. If that surviving spouse then creates a new Will that leaves everything just to his or her own children, the children of the spouse who passed away first effectively lose their inheritance.
And the possibility of the redirecting of that inheritance often leads to tensions even while both spouses are living.
There are a couple of ways that this tension can be alleviated. The best option is the creation of a Family Trust that precludes the redirecting of the inheritances after the first spouse has passed away.
By taking these steps, the parents and the children can all relax in the confidence that the inheritances will ultimately pass to the heirs upon which the two spouses have agreed.