Estate planning in blended families can be challenging and present unique situations. Today divorce is increasingly common and over 50% of first marriages end in divorce and over 60% of second families, many of those in families with children. Remarriage is also becoming increasingly common, with 43% of divorced adults remarrying.
All blended families aren’t as simple as the Brady Bunch. A blended family can take many forms:
• married couples where one or both spouses have children from a previous marriage
• families where the parents are in a second or 3rd marriages and have children from previous marriages but no children together
• families where one spouse has children from a previous marriage and the married couple has children together
Making smart decisions that balance your wishes with the needs of your blended family can be complicated, especially with the current divorce and remarriage rates.
According to Forbes, “a simple will probably won’t cut it.” Just as there is no one-size-fits-all family, there is no one-size-fits-all estate plan. Not having a current estate plan that addresses the needs of a complicated blended family is almost sure to guarantee there are conflict and stress after your death.
An experienced estate planning attorney can help you protect your blended family and discuss inheritance issues, wills and trusts including:
• protecting your children and step-children
• providing for your spouse
• minimizing estate taxes
• making sure your beneficiaries are all current
• providing for your spouse, including if they remarry
• plan for health care needs
• minimizing estate taxes
Estate plans are as complicated and unique as the blended families they protect, so consulting an experienced trust and wills attorney is a smart decision.
An experienced estate planning attorney can provide you with individual attention to create an estate plan for your blended family. Contact the Estate & Probate Legal Group probate, trust and estates attorneys in Chicago and Lombard, Illinois, at 630-800-0112.
