Not every attorney knows how to handle estate planning for blended families. As estate planning specialists, Casal & Moreno understands the complexities that blended families are up against. Here’s what you need to know.
Families come in all shapes and sizes, so it only makes sense that estate planning should too. After all, estate planning is, first and foremost, a tool that people use to protect their family’s future.
Simple wills often don’t cut it. Delayed inheritances can lead to abuse and litigation. Just like traditional families, blended families require tailored estate planning advice, but even more so in some cases where their needs are complicated.
If your family is blended, here’s what you should know about estate planning.
What Is a Blended Family?
First, what exactly is a blended family? The answer is actually pretty simple.
A blended family is a family in which one or both spouses have children from a previous relationship, an adult child is remarried and has children from a previous relationship, or an adult child is married to someone who has children from a previous relationship.
In short, a blended family is one in which at least one of the spouses is not the biological parent of any of the children.
It should be apparent now why estate planning for blended families can be some complex.
Some Challenges in Estate Planning for Blended Families
Let’s take a look at a few different scenarios to illustrate some of the estate planning challenges facing blended families:
Scenario #1: Both spouses have children from previous relationships, and one passes away.
In this scenario, we have two spouses who have their own children from a previous relationship. Both spouses want to provide for their children after they pass away. When one spouse passes away, this creates the potential for conflict if only a simple will is in place.
Scenario #2: An adult child is married to a financially unreliable spouse with children from a previous relationship.
In this scenario, the parents of the adult child are concerned that if they leave their child an inheritance that his or her unreliable spouse may take advantage of the situation and stop working or spend the money irresponsibly.
Based on these two scenarios, it should be apparent that the estate planning challenges can be exceedingly sensitive and complex.
Why You Need an Attorney
Hiring an attorney for estate planning is essential for families that are blended. Not only does being in a blended family raise concerns that traditional families do not have to deal with but also it may require some strategies that laypeople may not know about.
No Two Estate Plans Are the Same. Talk to an Attorney That Understands.
Are you in a blended family? If you answered yes, then don’t wait any longer. Protect your estate and your family. Get in touch with Casal & Moreno today to talk about your needs.