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When blended families plan for the future

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When blended families plan for the future

On Behalf of | Apr 30, 2019 | Estate Planning, Firm News

People in Colorado with blended families may have unique concerns when it comes to planning for the future. Different types of blended families may relate to each other differently, especially when the couple married later in life when their children were already grown. Even close families may want to have a conversation about their estate plans, as both parents may want to make provisions for their biological children as well as for their stepchildren. This means that simply passing everything to a person’s spouse after death may not be a good solution for these families in particular.

Problems with estate plans in blended families may reflect a poor relationship, but at other times they simply indicate people who grew apart over time or who were never close, since the children’s parent remarried after they were already grown and out of the house. Advance planning can help to avoid difficulties. In some cases, spouses may simply bequeath part of their estate directly to their children as part of their will rather than leaving all of their belongings to each other.

In other cases, people may use trusts to achieve more personalized and flexible estate goals. For example, a spouse could receive all of the family assets for use during his or her life in a trust, after which they would pass to the children. In this case, it is important to select the right trustee. The children who will later benefit from the trust would generally be too biased even when they have a strong relationship with the spouse.

Every family has its own unique considerations when it comes to making decisions about the future. An estate planning lawyer can provide advice and guidance while executing key documents like wills, trusts, and powers of attorney.