Stepchildren: The Importance of a Will When you Have a Blended Family
Sept. 2, 2019
The divorce rate in the U.S. ranges between 40% and 50%, resulting in a large number of blended families. How might this impact an estate plan?
Estate planning for blended families can be difficult to navigate. Estate planning that takes the uniqueness of blended families into account can relieve a plethora of concerns. The key to this potentially sticky situation is open communication and the help of an experienced attorney you can trust. One of the ways to alleviate everyone’s concerns is to establish trusts for your children.
How Trusts Benefit Blended Families
Using joint trusts, when one spouse dies, half the marital assets are assigned to an irrevocable trust. This irrevocable trust benefits the surviving spouse by providing for a source of revenue via the income generated by the trust. The remaining principal is preserved for the children of the deceased spouse. Joint trusts incur administrative costs and take time to set up but are well worth the time and fees involved.
Is a trust the right option for your blended family? From wills to trusts to advanced healthcare directives, at Treadaway & Treadaway, we handle every area of estate planning. We can help you with your legal issues, including which assets each spouse brings to the marriage and the distribution of those assets to each child in the blended family.
Many blended families prefer the option of a trust to provide guidance and clarity. Schedule a consultation today to learn more about how trusts can protect each member of your blended family. Contact Treadaway & Treadaway. We have the skill and knowledge you need to navigate the trust process.