How to Estate Plan with Blended Families

A blended family is the one that includes children of a previous marriage of one spouse or both. Such families usually face lots of problems at the death of any parent as the issue of the distribution of assets is raised. With an ever-increasing ratio of divorce in most countries, this is one of the major family problems these days – in some cases, a blended family may extend up to three or four marriages.

In order to avoid problems attached with the distribution of assets, special estate planning is required.

Instructions

  • 1

    Prenuptial agreement

    It is highly recommended by the experts that you should sign a prenuptial agreement before entering into a blended family. If you are already married and you did not sign a prenuptial agreement, you should get a postnuptial agreement regarding the distribution of assets, finances and property, upon the dissolution of marriage or in case of your death.

  • 2

    Determine the rights of your new spouse

    At the time of getting married again, you should determine the rights of your new spouse over your finances and estate. You must decide if you want your new spouse to take any part of your property or everything should go to your children.

  • 3

    Designate a trustee

    In order to manage the affairs of your property and finances upon your death, you must designate a trustee. The name of the trustee must be clearly mentioned in your estate plan if you do not want your new spouse to be the trustee.

  • 4

    Identify the specific assets

    If you want any specific asset to go to a person in your family, you must identify that in the estate plan.

  • 5

    Take services of an attorney

    You should take the services of an attorney who is experienced in dealing with the affairs related to estate plan in blended families. This can save you from many problems; however, it may cost you a lot of bucks.

  • 6

    Choose the trustee carefully

    In order to avoid any complications for your family after your death, you must choose your trustee very carefully. Provide him or her specific details very clearly so that common confusions are avoided.

  • 7

    Do not rely on the surviving spouse

    It is strongly recommended that you do not rely on your surviving spouse to take decisions regarding the division of assets, especially when your biological children are included.

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